The Central Bank ofÂ Â Nigeria (CBN) has intervened at Intercontinental Bank Plc, appointing Mr. Joseph Ajewole as the acting Managing Director. The apex bank also injected N100billion into the institution with assurances that customersâ€™ deposits are guaranteed.
Addressing the management of the bank, Mr. Ajewole emphasized that the CBN action was to ensure the safety of depositorsâ€™ funds, soundness and stability of the bank while assuring all staff of the safety of their jobs. He assured that Intercontinental Bank will remain a going concern with strong potentials that are enhanced by the new developments in the banking industry.
Intercontinental Bank has evolved into one of the largest and most diversified financial services institutions in Nigeria, with one of the largest shareholdersâ€™ fund in the country of over N200 billion, a network of over 350 branches all linked by cutting-edge IT infrastructure and a total asset base of over N1.3 trillion. The bank has a staff strength of over 12,000.
Intercontinental Group is made up of several subsidiaries including the following: Intercontinental WAPIC Insurance Plc (a leader in the insurance industry), Intercontinental Capital Markets Limited (a major player in the investment banking sub-sector), Intercontinental Homes & Savings Limited (a major player in mortgage finance sub-sector). Outside Nigeria, the Group operates as Intercontinental Bank Ghana Limited and Intercontinental Bank (UK) Plc.
The Ghana operations have expanded to be one of the leading banks in that country while contributing to the income of the Nigerian parent bank.
On Friday, customers of the bank who made enquiries were assured of stability of the bank and normal banking services went uninterrupted.