Nigeria Banking Update

Intercontinental Bank Plc has made history in the annals of international finance having been rated as the second fastest growing bank in the world by The Banker Magazine, the influential and leading international business magazine. Intercontinental is also ranked by the Magazine as the biggest bank in Nigeria, number five in Africa and the 355th biggest bank in the world by first tier capital making it the first Nigerian bank to be rated among the world’s top 500 banks.


The Banker Magazine, a subsidiary of the Financial Times of London, in its 2007 edition of the TOP 1000 WORLD BANKS rating released in July, described Intercontinental Bank’s outstanding growth as symbolic of the massive impact of the Nigeria’s banking reform. The Magazine noted that: “Nigeria’s Intercontinental bank reflects the huge consolidation and regulatory change that has taken place in Nigerian banking in the past two years,” adding that the bank rose by a record 522 places to be ranked at 355, with capital ballooning to $1277 million at the end of February 2007.”.The bank also made strong showing in other financial indicators listed in the rankings. It emerged as the 31st bank in the world by Capital Assets Ratio indicating capital soundness, the 56th bank in the world by Real Profits Growth and 74th strongest in the world by Return on Assets.



The Governor of the Central Bank of Nigeria, Professor Chukwuma Soludo, poured praises and commendations on Intercontinental Bank Plc for its achievements and leadership of the Nigerian banking industry.He noted that Intercontinental Bank is the first bank in Nigeria to cross the $1 billion mark in capital, raising its share capital to over N156 billion, making it the biggest bank in the country by capital.Professor Soludo made this statement while welcoming the board and management of the bank who paid him a courtesy visit in his office in Abuja. He said he is delighted by the bank’s stellar performance, the CBN Governor congratulated the board and management of the bank saying: “It is my honour and pleasure to receive you. I wish to congratulate the board and management for your achievements.He recounted that: “As soon as the result of The Banker Magazine ranking was released, I got a call from London informing me of your achievement and I called your Chairman immediately to congratulate him.,” adding, “you have dared, you have overcome, you are still soaring and you have lived up to your name, Intercontinental. I want to again congratulate your board and management”He said that the CBN will accordingly honour the pledge it made last year to allocate an extra $500 million of the nation’s foreign reserves to the first bank that crosses the $1 billion (N130 billion) mark in tier one capital, to manage.

Professor Soludo also used the opportunity to redeem the pledge he made last year that the CBN will allocate an extra $500 million to any Nigerian bank that makes the $1 billion in share-capital to manage. He said: “Yes we made a promise on allocation of foreign reserve management and the promise, we are bound to keep.” Intercontinental Bank is the first bank to cross the $1 billion mark and it is biggest by capital in Nigeria.

Intercontinental Bank is currently working with world class consultants to ensure that its processes and service delivery are of the highest international standards as it now directs great attention to competing with the best banks in the world.The bank made become a clear industry leader with the highest foreign direct investment in the banking industry and the most successful public offering in Nigeria. It has also declared one of the highest profit before tax ever declared on the Nigerian Stock Exchange.