Following the regulatory and legal approvals of the Business Combination between Access Bank Plc and Intercontinental Bank Plc, shareholders of both institutions unanimously approved the Business Combination of the two banks at their Court-Ordered Meetings held in Lagos on Friday. By this approval, the entire share capital of Intercontinental Bank Plc has been cancelled and the bank dissolved without being wound up. Consequently, all assets, liabilities and undertakings of Intercontinental Bank Plc, including its real properties and intellectual property rights have been transferred to Access Bank Plc. The shareholders also approved that the certificate of incorporation of Access Bank Plc shall be the certificate of incorporation of the resultant company from the Business Combination. According to the scheme of merger, “The certificate of incorporation of Access Bank shall be the certificate of incorporation of the resultant company. However, the scheme of merger will be subject to the subsequent approval of the Securities and Exchange Commission and the Central Bank of Nigeria to the sanction of the court”. Addressing shareholders, Aigboje Aig-Imoukhuede, Group Managing Director, Access Bank, said that Access Bank is committed to sustainable banking practice and would continue to conduct its business in ethical and transparent manner with due consideration for stakeholders interest. Further, he said that the business combination will lead to cost savings for the merged entity and that it would also take critical steps to upgrade its Information Technology platform for effective services. “The merger will position the Bank for business opportunities that will present themselves in the power and agric sectors as well as in e-payment to boost investment and growth of the institution”, he added. On his part, one of the bank’s shareholders, Mr Nona Aworh urged the company to always consider shareholders with minority holdings in the bank in the decision making process of the company in order to enhance fair representation. Similarly, the President, Dynamic Shareholders Association of Nigeria, Mr. Alex Adio, urged the company to ensure that the value of shareholders’ investments do not depreciate, while ensuring that shareholders are well accommodated in the mega entity. With this development, the two Banks have made history as the first to conclude their Business Combination in the ongoing Nigerian banking sector reform necessitated by the Central Bank of Nigeria’s bid to strengthen and make the financial system healthier and more efficient. The successful execution of the Business Combination between Access Bank Plc and Intercontinental Bank Plc signals the reordering that will take place in the hierarchy of top 5 financial institutions in the sector.