| Type | Public: NSE: INTERCONT |
|---|---|
| Industry | Financial Services |
| Founded | 1989 |
| Headquarters | Lagos, Nigeria |
| Key people | Raymond C. Obieri Chairman Mahmud Lai Alabi Managing Director & CEO |
| Products | Loans, Checking, Savings, Investments, Debit Cards, Credit Cards |
| Website | Homepage |
Intercontinental Bank Plc., commonly referred to as Intercontinental Bank, but often simply called Intercontinental, is a commercial bank in Nigeria. It is one of the twenty-four (24) commercial banks licensed by the Central Bank of Nigeria, the country's banking regulator.[1]
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Intercontinental Bank is a large financial services provider in West Africa. As of December 2008[update], the bank's shareholder's equity was valued at approximately US$1.7 billion (NGN:261 billion).[2] The shares of stock of Intercontinental Bank are listed on the Nigerian Stock Exchange (NSE), where they trade under the symbol: INTERCONT.[3]
The bank was established in 1989 under the name Nigerian Intercontinental Merchant Bank Limited. That same year, the first subsidiary, Intercontinental Securities Limited, was establisghed. In 1996, the bank acquired controlling shareholding in Equity Bank of Nigeria, a commercial bank. Also is 1996, Intercontinental acquired majority shareholding in West African Provincial Company Plc. (WAPIC), an insurance company. Intercontinental converted into a commercial bank in 1999. In 2002, the company listed its shares on the Nigerian Stock Exchange. In 2005, Intercontinental successfully merged with three (3) other commercial banks, in which it held equity positions prior to the merger, namely Equity Bank of Nigeria, Gateway Bank and Global Bank.[4]
In 2009, a special audit of the commercial banks in Nigeria by the Central Bank of Nigeria, the country's banking regulator, found nine of the banks to be under-capitalized and badly managed. Intercontinental Bank Plc. was one of the troubled banks. Following the injection of capital by the Federal Government of Nigeria, to maintain solvency, the troubled banks have embarked on re-capitalization through participation by new investors, yet to to be made public.[5][6]
The bank maintains the following subsidiary companies, as of December 2010: [7] Together with the parent bank, they sometimes are referred to as the Intercontinental Group of Companies.
The Chairman of the Board is Raymond C. Obieri, while the Managing Director and Chief Executive Officer is Mahmud Lai Alabi.[8]