Daily Trust (Abuja)

Nigeria: Access Bank to Boost Share Capital to N13 Billion

Lagos — Access Bank Plc said it will hold a shareholder's meeting on December 30 to discuss increasing its share capital to N13 billion ($80.47 million), from its current N10 billion, by issuing 6 billion new shares.

In October, Access completed the acquisition of its 75 percent majority interest in rescued lender Intercontinental Bank.

Intercontinental was one of nine banks rescued in a $4 billion 2009 Central Bank bailout.

All rescued lenders have now agreed to recapitalisation deals, bringing to a close a reform programme set-up two years ago to draw a line under the country's banking crisis.

Access said in October it grew its pre-tax profit by 16.78 percent to N16.42 billion in the nine months to September, compared to N14.06 billion in the same period last year.

Sequel to the completion of the acquisition of a 75 per cent stake in Intercontinental Bank Plc, Access bank said on Tuesday that the two banks would become one entity by March 2012.

The Federal High Court has directed that separate meetings of the shareholders of the two banks be convened, and that the Scheme of Merger be presented for their consideration and approval at the Court-Ordered Meetings to be held on December 30.

Access Bank in a notice to the Nigerian Stock Exchange said the bank has received requisite pre-approvals from the appropriate authorities in respect of the proposed Scheme of Merger.

Ads by Google

Copyright © 2011 Daily Trust. All rights reserved. Distributed by AllAfrica Global Media (allAfrica.com). To contact the copyright holder directly for corrections — or for permission to republish or make other authorized use of this material, click here.

AllAfrica publishes around 2,000 reports a day from more than 130 news organizations and over 200 other institutions and individuals, representing a diversity of positions on every topic. We publish news and views ranging from vigorous opponents of governments to government publications and spokespersons. Publishers named above each report are responsible for their own content, which AllAfrica does not have the legal right to edit or correct.

Articles and commentaries that identify allAfrica.com as the publisher are produced or commissioned by AllAfrica. To address comments or complaints, please Contact us.