Nigeria's Access Bank to buy 75 pct of Intercontinental Bank

Intercontinental Bank branch, Accra. ©EnterpriseAfrik

LAGOS - Nigeria's Access Bank said on Monday it will seek shareholders approval to acquire a 75 percent stake in rescued rival Intercontinental Bank and use 53 billion Nigerian naira it had raised in 2007 to fund the transaction.

Access said in a statement it will hold a shareholders meeting on September 26 to sanction the transaction. It signed a merger agreement with Intercontinental Bank in July, paving way for the troubled lender to be recapitalized ahead of a central bank deadline. Intercontinental was one of nine banks rescued in a $4 billion bailout by the central bank in 2009.  Reuters