Just tuned in to Channels TV now and saw the above headline.
Please what is the implication of this on existing account holders of the said banks?

Statement: Following the execution of a Memorandum of Understanding between Access Bank Plc and Intercontinental Bank Plc for the purpose of a business combination to create one of Africa’s largest financial institutions, we are pleased to announce that both parties have now entered into legally binding terms for the proposed combination with the signing of the Transaction Implementation Agreement (TIA).

The transaction will involve a Scheme of Arrangement in accordance with the laws of the Federal Republic of Nigeria.

The Central Bank of Nigeria (CBN) has conveyed its no –objection to the terms of the TIA and has granted both parties approval to implement the terms of the Agreement.

Consequently, the parties will now commence the process of a Scheme of Arrangement, which in line with best practice; will be subject to necessary Shareholder, Regulatory and Judicial approvals.

http://www.vanguardngr.com/2011/07/access-intercontinental-bank-begin-merger-acquisition-talks/

Is amazing how far AIG and H. Wigwe have come.
From buying the old Access Bank, merging it with a couple of small banks in 2005 and now merging with Intercontinental?

Is it even a merger or acquisition?

It'd be interesting to see how they digest Intercontinental,

can this be true about access bank and Intercontinental bank?

yes na true

sanusi and his plans to riun nigerian economy

cupid4ig:

sanusi and his plans to riun nigerian economy

how?
na him tell aig or wigwe to embezzle?

Interesting news

I feel Sorry for Thousands of Intercontinental staff members. I hope some of them has started looking for another job because there is a tsunami heading their way.

Just passing

Sanusi has succeeded in Removing the name intercontinental from the Banking industry.He should remember that it only 8years maximum.I know he is following a script,very soon we all see the end of the story

Good news to developers. Enough branches across the nation to be re configured. What will the new name be now?

It is an acquisition

Laajman:

Is amazing how far AIG and H. Wigwe have come.
From buying the old Access Bank, merging it with a couple of small banks in 2005 and now merging with Intercontinental?

Is it even a merger or acquisition?

It'd be interesting to see how they digest Intercontinental,

Pls, wht will happen to the numerous staffs of intercontinental & access banks? Hope their work is secured.
SANUSI!!!

DJTee:

It is an acquisition

pls which bank is acquiring which bank? give us more details.

its just Erastus coming back via the duo of AIG and herbert.(Reliable Source), Access bank itself needs a core investor, people are going to be laid off and the acquisition is a time bomb waiting to be BOKO HARAMISED

What happens to my shares in both Access and Intercontinental? Hope they will buy it from me at a price above the current market value?

so which of the institutions is doing the "acquiring"?

blank:

What happens to my shares in both Access and Intercontinental? Hope they will buy it from me at a price above the current market value?

@blank, you are a real cashmadam !!!

Its good news for those who have bank accounts with Intercontinental bank.

linsa01:

Pls, wht will happen to the numerous staffs of intercontinental & access banks? Hope their work is secured.
SANUSI!!!

Bad news! Intercontinental keep permanent staffs while 80 percent of workers in Access are contract staffs!

Access, the healthier bank is acquiring Intercontinental, the not-so-healthy bank. Access has recognised that all existing shareholders will play a significant role in ensuring the success of the acquisition and have smartly decided to carry them along

iluvnet:

pls which bank is acquiring which bank? give us more details.

from my findings,it was confirmed that access bank is acquiring intercontinental,
i think its a welcome development but GOVT should intervene not to sack any staff.

We shall have to wait and see if that merger materialises.

DJTee:

It is an acquisition

who is acquiring who?

how true is the story

still Reading

I feel most for all the HND holders in Intercontinental bank, cos I hear Access bank don't have room for them.
Small fish wey dey swallow Big fish, no be small thing!

i know d outcome of all ds senario(merger or acquisition) is not going 2 favour major intercontinental bank staffs.Lets wait and see.

The name can be change to INTER ACCESS BANK PLC, The funny thing about access bank is that it only recruits young graduates below maturity age, the maximum entry age in access bank is 22 and i wonder how many young graduates will meet up this age these days after the useless NYSC thing,those that truly meet up are the girls who will be thrown into marketing,exposing them to all kinds of torturing from many MD/ CEOs and in oder to meet target.many graduates are been thought to telling lies of their age, teaching our people to lie is not the best way for recruitment and our economy.i fear for this country and most importantly the future of our youth,another thing is how they will be able to change their employment policy with those to accomodate that of Intercontinetal employees who are mostly HND/OND ?definitely unemployment is bound to increase, sanusi is this good? no wonder Akingbola was SO BITTER crying and against this merger, i feel for this country and our unemployed graduates because people will sure lose their jobs, LET SEE HOW IT GOES.

This is a confirmed truth my friend who works with the bank told me.
Access is acquiring Intercontinental
The bank will soon change to Access Inter
What i cant tell is how it will affect Intercon depositors

What do you mean about how it will affect inter. depositors?Their account will remain thesame and nothing will change definitely.

How will this merger affect Intercontinental Bank Shareholders?

Will the NGN1.06kobo Shares of Intercontinental become NGN7 of Access?

How much will it become?

What is the implication of the TIA that was signed recently on Shareholders of both Banks?

What will our Intercontinental Bank Shares become in terms of value?

How is the AMCON Bond affecting Shareholders of rescued banks?

I hope Shareholders will still get value for their investments if they decided to sell off their Shares?

I THINK A BIGGER DRAMA IS COMING SOON!!!