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Intercontinental debunks acquisition bid story

The management of Intercontinetal Bank Plc, Monday debunked that it has concluded plans with Standard Bank for the acquisition of stakes in the Bank. A statement from Intercontinental Bank’s Group Managing Director, Mr. Mahmoud Lai Alabi, said: “While acknowledging that the Bank is in the process of discussion with all those who have indicated interest in it including Standard Bank, no detailed discussion or negotiations have even commenced not to talk of allotment of shares.”

The management of Intercontinental Bank he said: “Affirms that the board of the bank is kept along in the process and the board has decided to appoint its own advisers to ensure the interest of all shareholders and all stakeholders are protected.”

Meanwhile, Intercontinental Bank has announced the down_sizing of the Support Staff cadre by 1,182 as part of the repositioning exercise in the Bank. The disengagement exercise which took place Monday marks the conclusion of the right-sizing exercise embarked upon by the Bank last December.

A statement by the Bank said the exercise was finally carried out after due consultation with the National Union of Banks, Insurance and Financial Institutions Employees (NUBIFIE) and the local chapter of NUBIFIE where the terms of disengagement were agreed upon.

The exercise which was done based on clearly _defined criteria agreed by the Union and the Bank, will see the affected staff leaving with an enhanced severance package approved by the Board of Directors of the Bank and in line with the collective agreement with NUBIFIE.

Equally, each of the affected staff will have access to three months free medicare under the existing Health Insurance Scheme (HIS). It will be recalled that the Bank last year launched a three-phased “Project Transformation” strategy aimed at stabilising, rebuilding and consolidating the bank for greater efficiency and profitability. The Bank is committed to pursuing bold and necessary changes that will fully restore value and confidence to all our stakeholders.


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