Intercontinental Bank Plc is set to take opportunities in the global banking operations as it reached agreement, last week, with the consortium of five international finance institutions to invest US$161m (about N20.25b) of convertible preferred equity into the Bank.

The Bank has said that the significant inflow of the capital will be used to further support its strategic plan toward becoming a premier banking institution in Nigeria and beyond.

No doubt, Intercontinental Bank is one of Nigeria’s largest and most profitable banks. The Group Chief Executive Officer, Dr. Erastus Akingbola, said “We are extremely pleased to have this investment from such a renowned group of international investors. These organizations will bring their global capacity and financial leadership to bear on the operations and performance of Intercontinental Bank in its drive to excel on the stage of global bank. However, the transaction is subject to certain conditions, including regulatory and administrative approvals”.

The highly reputable institutions investing in Intercontinental Bank include: Vectis Capital, EMP Africa Fund II, AIG Global Emerging Markets Fund II, L.P, Rand Merchant Bank and RICO. These institutions, which will provide both capital as well as operational and strategic assistance to Intercontinental Bank, are demonstrating a high degree of confidence in the bank, its growth strategy and the overall Nigerian market. This grand breaking transaction was arranged by New York based investment bank, Nova Capital Partners, LLC.

The bank’s financial performance has been phenomenal. Its latest nine months financials testify: Profit before tax grew by 79 per cent to N12.83bn by end of 3rd quarter ending November 30, 2006 over N7.18bn for same period of the previous year. Gross revenues almost doubled to N59.11bn from N30.48bn. This is an increase of 94 per cent. Profit Before Tax ( PBT) soared by 72 per cent to N10.13bn from N5.88bn in the review period while total assets climbed 84 err cent to N616.3b.

The management of the bank is optimistic of growing its assets to over a trillion naira in the next three months as it has embarked on aggressive deposit drive. The bank is also projecting gross revenue of N79bn, while profit before tax is expected to hit N17bn by the close of the financial year February 2007.

The bank is also a key financier of oil and gas. It recently financed the construction of fuel tank farm by Capital Oil & Gas located at Apapa, Lagos. The fuel tank farm was intended to assist in the storage of petroleum products. The ultra modern mega oil depot was commissioned recently in Lagos.

On the area of corporate responsibility, the bank’s philosophy in supporting society is to improve the man’s living standards by meeting his most crucial needs. The bank identifies that when a healthy man has capacity to improve his lot and an educated man . Hence, the bank has, in the past 18 years, led the industry in the provision of social support in the two focus areas: health and education.

For instance, the bank has spent well over N600m in the education sector in the last three years alone for award of scholarships and building of multi-floored hostels for students in several Nigerian universities.

The Bank is also committed to boosting infrastructural development. It assists the three tiers of government, particularly with road construction to bring meaningful development and better standard of living to the citizenry.

However, Intercontinental Bank emerged winner of the prestigious Nigerian Stock Exchange (NSE) President’s Merit Award for the Banking/Finance sub-sector in 2006.

At the tail end of 2006, the bank got AA rating from Augusto & Co, the respected rating agency in Nigeria and Global Rating Agency (GCR) of South Africa. The Banker, a subsidiary of Financial Times, had ranked the bank 14th biggest in Africa and 887th biggest in the World.

The bank also got an impressive 'A’ long term investment risk rating and “F1” short term rating from Agusto and Co, the respected rating agency in Nigeria.
The City People Media Group, in March 2007, honored the Bank with the Most Improved Bank award, while its Group Chief Executive, Dr Erastus Akingbolab was conferred with the Special Life Time Awards. They were rewarded for their contributions to the banking industry respectively in 2006.
This Day Newspapers also honored the Bank with Best Stock Offer of the year 2006.

In the same vein, Vanguard Newspapers Limited also recognized the bank’s contribution to the society with the award- Most Corporate and Socially Responsible institution in Nigeria for 2006. The Bank equally bagged the award of the Best Security Friendly and Conscious Bank in Nigeria in for 2006 by Security Watch Award.

Intercontinental Bank Plc also bagged this year’s award of the Best Telecom Financing Bank, at the second edition of Nigeria Telecom Award, organized by Telecom News, the influential monthly news magazine that focuses on the telecom industry. Intercontinental Bank was adjudged first among other banks, in terms of volume of transaction in the telecom industry. The bank’s telecom transactions hit N10bn cumulatively between 2005 and 2006. This is to be expected, as Intercontinental Bank is one of the leading financiers of telecommunication projects in the country. The bank empowers local entrepreneurs in the sector and provides tailor-made facilities.

Among the major transactions the bank financed are N1.2bn and N2.5bn to two major GSM operators, M-Tel and V-Mobile, respectively, for network expansion. It also financed a major contractor of V-Mobile and L.M. Ericsson Nig. Ltd to the tune of about $24m since March this year.

According to the bank “ Over 115,000 accounts have been opened under Happy Savers Promo so far.” The Happy Savers Promo, is directed essentially at new account holders and existing customers of Intercontinental Bank who record inflows of a minimum of N50,000. Prospective winners in the Promo can also build up such accounts through gradual saving to attain the N50,000 minimum deposit

requirement. Such customers will qualify for nationwide draws on monthly basis, which will be done electronically and supervised by high net worth individuals and celebrities. Customers are expected to open an account and save up to N50,000 or more in either savings, Intercontinental Premium Savings Account (IPSA), Happy Savers, Intercontinental Premium Account (I-PAC) or current account and qualify for a draw. The first draw takes place at the end of the month, while other draws follow thereafter. The Promo lasts from December 1, 2006 to June 30, 2007. our Honda saloon cars have been given to winners in four major cities of the country namely, Lagos, Kano, Port Harcourt, and Enugu. In the same vein, 40 motorcycles have been given out as consolation prizes to winners in the zone.