Equity Bank Holds Meeting Tomorrow to Endorse Merger

By FABIAN ANAWO,
Monday, October 3, 2005.

Intercontinental Bank Plc will tomorrow hold an Extra-Ordinary General Meeting (EGM) for the purpose of approving its proposed merger with Equity Bank, Gateway Bank and Global Bank.

A statement from the bank said that the group is targeting a joint shareholders’ fund of 50 billion Naira and an asset base of 350 billion Naira. The four banks had last year signed a Memorandum of Understanding (MOU) to form a group in order to meet the Central Bank of Nigeria (CBN) requirement on consolidation.

Earlier, the board of the banks had approved that the Vice-Chairman of Intercontinental Bank Plc, Dr. Erastus Akingbola, head the group. Three other directors of the bank also received the blessings of the board to retain their portfolio. Joining Mr. Akingbola and his team is the Managing Director of Equity Bank, Mr. Akin Ajayi and Cletus Okoro, Olayinka Adebayi and Olusegun Ajibola.