By Babajide Komolafe
Intercontinental Bank’s shareholders have endorsed the signing of Memoran-dum of Understanding (MoU) on business combination between the Bank and Access Bank Plc, describing it as the surest safety net for their investments.
The endorsement was given at an interactive parley between the management of Inter-continental Bank and representatives of the Bank’s shareholders on Monday.
Intercontinental Bank’s MD/CEO, Mahmoud Lai Alabi seized the oppor-tunity to reiterate the essence and benefits of the proposed combina-tion to the shareholders, saying, “the combination of the two banks will create a formidable Nigerian bank.”
He noted that “the new entity, as a significant player in the wider African market, will be well positioned to capture future growth oppor-tunities, capitalising on proven track records, management team and best practice culture applied to extensive and complementary branch network.”
Alabi revealed that the complementary business models of both banks would provide strong strategic rationale for the partnership.
In his remarks, the President, Association for the Advancement of the Rights of Nigerian Shareholders (AARN), Dr. Faruk Umar, said “we are in full support of the signing of this MoU and we want to assure you of our unflinching support.”
The Chairman, Onitsha Zone of Shareholder Association of Nigeria, Bishop Goodluck Akpore, said “shareholders have enough information to take informed decision on the MoU, therefore, management should move quickly to consolidate on the gains of the signing.”
On his part, the Executive President, Nigeria Shareholders Solidarity Association (NSSA), Chief Timothy Adesiyan, noted share-holders were more interested in the recapitalisation of the Bank via the business combination than to engage in frivolous litigations, which will further erode their investment.
Headlines Newsview all
Immediate past Chief of Defence staff, Alex Badeh is not done talking about the lack of equipment in the Nigerian army. In an interview with ... Full story
The net is closing in on First Lady Nompumelelo Ntuli-Zuma, who has allegedly admitted to knowing about a plot to poison the president. City Press has ... Full story
Rate this article
- Toddler Get Run Over By Car, Survives Miraculously (Video)
- Photos Of The Most Muscular Nigeria Man
- Boko Haram Recruiter Arrested In Chad (Photo)
Chelsea manager, Jose Mourinho threw his Community Shield runners-up medal to a young Arsenal fan after defeat at Wembley. Chelsea manager, Jose Mourinho handed a young ... Full story
Mavin Records acts, Don Jazzy, Reekado Banks and Korede Bello were part of the African music stars that performed at the historic NBA exhibition contest ...
Nigerian singer, Oluwaseun Morinhafen, also known as Sean Tizzle, in a recent interview has denied gossips making the rounds that he had changed the colour ...
Music sensation, Falz, is enjoying every moment in the spotlight but before he got there, he had to cross some hurdles at home. Saturday Beats ...
In a recent interview with The Entertainer, fast rising Nollywood actor, Mike Godson revealed one of his best kept advices from his mum. The Imo ...
Nollywood actress, Moji OLaiya, has joined the train of entertainers who are investing their money wisely to diversify into other businesses. Rather than remain dependent on ...
Nollywood actress, Omotola Jalade, is really making a lot of men to salivate with her beauty which continues to radiate as the day goes by. The ...
Relief has come for individuals who are looking to change currency in the black market as the rate of naira to a dollar increased yesterday, ... Full story