National Daily

Intercontinental opens in UK

By OLUTAYO OLUBI

THE Financial Services Authority (FSA) of the United Kingdom (UK) has licensed Intercontinental Bank UK, a subsidiary of Intercontinental Bank Plc as a full-fledged bank offering wholesale banking services in the UK. The FSA is one of the strictest financial services regulatory authorities in the world.

The bank said the licence from the FSA, the UK's apex financial services regulatory authority is a clear testimony of its strong international brand equity, financial muscle and exceptional achievements over the years. Intercontinental bank is one of Nigeria's strongest brands. Its robust equity acquired over the past 19 years, resonates in its reputation for excellent customer service, superior financial performance and a track record of exceptionally high returns on investment.

The Group Chief Executive, Dr. Erastus Akingbola said the Intercontinental Bank (UK) Plc, located in a prestigious banking hub in the heart of London, will enable Nigerians and corporate organisations that live or have business in the UK carry out seamless financial transactions anywhere in the world adding that the UK subsidiary will also serve as base for further future geographic expansion. “London will act as a strategic addition to Intercontinental Bank's global expansion drive providing international investors with access to investment opportunities in Nigeria and across the African continent”, while also offering Nigerians and other nationals in UK a excellent international banking services” he said.

The bank's vision is to be in all continents. It currently operates from 300 branches in Nigeria with a subsidiary in Ghana. Intercontinental Bank (Ghana) Plc, which was established in 2006 now have eight branches spread across Ghana. Dr. Akingbola said more subsidiaries will open soon, to exploit identified business windows, in other parts of Africa, America, Europe, Middle East and Far East.

Intercontinental Bank has set its sights on being a world class financial institution and among the world's ten leading banks. Analysts said the bank's track record of superlative performance over the years puts in good stead to achieve its vision. Intercontinental Bank was ranked 355 in the world by the Financial Times of London, making it the only Nigerian Bank in the world's top 500 banks and the second fastest growing in the world.

The financial results for the year ended February 2008 recently published by the bank saw its deposit and assets base rising to a new industry high.

The deposit base soared to N1.05 trillion, an increase of 126 per cent from N468 billion in the previous year, while total assets also recorded a quantum leap to N1.7 trillion, representing a growth of 108 per cent from N823 billion, thus making the bank the first to hit trillion mark in deposit and also giving it number one position in total assets.

The bank also recorded a phenomenal growth in gross earnings which stood at N173.5 billion, an increase of 99 per cent over the N87.4 billion recorded in the previous year. Profit before tax grew by a whopping 102 per cent to N45.6 billion, as against N22.6 billion in 2007, while profit after tax soared by 125 per cent to N34.8billion during the period under review. The capital base also rose to N200 billion from N157 billion.

Financial analysts attribute the unprecedented growth in the bank's deposits portfolio to robust customer confidence. The customer base has been on the rise since post consolidation.