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Intercontinental Bank unveils new corporate identity

Posted by By SEUN ADESIDA on 2007/11/26 | Views: 1045 |

Intercontinental Bank unveils new corporate identity

Intercontinental Bank has unveiled its new corporate identify. The ceremony, which was performed over the weekend had in attendance major stakeholders in the industry.

Intercontinental Bank has unveiled its new corporate identify. The ceremony, which was performed over the weekend had in attendance major stakeholders in the industry.
Intercontinental Bank Plc emerged the first Nigerian bank to cross the $1 billion mark in shareholders’ funds.

The move, Daily Sun gathered, is to present the true position of the bank to the Nigerian public and the international financial community, which injected about $161 million (N20.25billion) into the bank. The fund was invested by a consortium of five leading global investors through convertible preferred equity and proceeds from the bank’s successful public offer. This raised the bank’s share capital to over N170 billion.

The massive patronage of the bank’s shares by both local and foreign investors is an enormous endorsement of the bank, indicating strong confidence in the quality of its operations and managerial performance. The bank’s enviable track record of high returns on investment remains a major attraction to investors as its return on investment grew by 106,000 percent between 1989 and 2004 and again by 250 percent between 2004 and 2006.

The five foreign financial institutions that invested in Intercontinental Bank will provide operational support and introduce new consumer products and superior mortgage services to delight customers in the local market. According to the Group Chief Executive of the bank, Dr. Erastus Akingbola the fresh capital will provide considerable business opportunities and the extension of the Intercontinental Bank brand franchise beyond the shores of Nigeria.

“What this portends to the bank is that we are now in excellent position to achieve our vision of being among the top five banks in Africa and among the top 100 banks in the world. It also means that we are closer than ever to keeping the promise we made to the investing public on the day of our first listing on the Stock Exchange in 2003 that our stock will be the ‘Microsoft of Africa’, that is , the reference stock in the entire region in terms of value, yield and capital appreciation,’’ Akingbola said.
Intercontinental Bank, according to him, is now in the best position to upgrade its practices and operational processes in line with international best practice.

With its new share capital, the bank now has capacity to finance mega projects and transactions in the capital intensive, lead sectors of the economy including rig financing in the upstream sector in the oil/gas industry and roll out projects in the telecommunications sector.

The bank’s new capital base eminently qualifies the bank for the management of more of the nation’s foreign reserves as announced late last year by Governor of the Central Bank of Nigeria, Professor Chukwuma Soludo. The bank’s increased share capital has also boosted its aggressive retail expansion plans to rapidly grow its branch network from the current 230 to over 280 across the country before the end of the financial year. It has established the largest e-banking platform in the industry to take banking services to every Nigerian and every home across the country.

The bank has acquired Flexcube, the world’s number one selling banking software to provide the best in customer service comparable to any around the world. It has also embarked on an aggressive internationalisation programme and offshore expansion plan to be on all continents of the world within a short period. The bank already operates a five branch bank subsidiary in Ghana.

The growth of the bank’s share capital from about N2 billion pre consolidation to over N170 billion has been hailed by market watchers as astounding while the investment by the consortium of foreign investors in the bank has been described as the most significant in Nigeria’s banking history.
Intercontinental Bank has evolved into one of the largest and most diversified financial services institutions in Nigeria, with the largest shareholders fund in the banking industry in excess of N170 billion, a network of 230 branches linked by cutting-edge IT infrastructure and a total asset base of over N700 billion.

Meanwhile, the bank has once again gotten an edge above others by re-branding its product ‘Intercontinental Integrity Fund’. The product which was re-launched last week, serves as a channel with which each investor become a member of a group of Mutual Investors who pool their resources together to yield bountiful returns.

The fund experts will invest the clients’ funds in a fast growing business in the economy and the returns will come to them without any extra effort. The Integrity Fund Certificate, can be used as collateral to secure loans.

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Comments (9)

Kim Worley(Greeley, Colorado, US)says...

I heard this in a song and had no idea what it meant. Googled it and this came up. Very Cool. ????????????????

Obinna(Newark Nj)says...

I want to know more meaning and significant of this name obidike in igboland

Olusola Okhiria Nee Sodunke(Newport, Newport, UK)says...

This is a great piece of history, which is dear to our hearts as people and very much appreciated.

Many thanks to the people who worked hard in the past and those who are still making efforts to keep the institution.

The labour is obviouly worth it. We are proud of you all.

A lot still to be done, with the motivation of the champions of this course, others will follow as well to maintain the institution

May God continue to keep the edifice for development of future generations to the glory of God and the benefits of our fatherland.

Joel Efiong(Calabar, Nigeria)says...

This is a great piece. The examination bodies should hire you as ICT consultant.

Sunday Mbe(Kaduna, Kaduna, Nigeria)says...