Monday, 30 June 2008
Intercontinental Bank, one of the fastest growing in Nigeria, has obtained approval from the UK Financial Services Authority to provide trade finance services including letters of credit, collections and guarantees. It follows on the heals of its competitors who are all burning windfall profits from the banking consolidation in the country.
The bank claims London will act as a strategic link in Intercontinental Bank's global expansion. The bank is expected to finnace the move with the creation of 3.5 billion shares increasing the share count from 21 billion to 24.5 billion. Intercontinental was the first bank in Nigeria to reach a trillion naira deposit base.