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Nigeria's Intercontinental Bank Opens London Office.

LAGOS, Nigeria, September 9 /PRNewswire/ --

- UK Presence Ushers in New Phase of Global Expansion

Intercontinental Bank Plc, one of Nigeria's most prominent financial institutions, today announced the official opening of its first European subsidiary -- Intercontinental Bank (UK) Plc -- located in London. The opening marks the bank's continued international expansion, which began in 2006 with opening of Intercontinental Bank (Ghana) Plc and is set to include every continent.

"The opening of Intercontinental Bank's London office -- the first outside of the African continent -- signals our continued commitment to emerging as one of the top 100 banks in the world," said Group Chief Executive for Intercontinental Bank, Dr. Erastus Akingbola. "Our London subsidiary will enable organizations within and outside of the United Kingdom to execute seamless financial transactions in the UK."

Intercontinental Bank UK will offer wholesale banking services in the UK, including trade services business such as letters of credit, collections and guarantees, structuring and funding of structured trade, and project finance transactions, as well as arrangement of funding for group entities.

"A London presence is critical to the Bank's future expansion plan", said CEO of Intercontinental Bank (UK) Plc, Marcus Hopkins, who previously served as executive director and Head capital markets for Moscow Narodny Bank. "Our bank will align its business to the growth and diversification of the West African region. We offer trade services including finance for exporters and international finance for infrastructure investment and projects".

In addition to Hopkins, the Intercontinental Bank UK executive management team includes Operating Officer Richard Wailes, who worked as Director of Banamex Investment Limited and Vice President at Banamex Group. The bank's board of directors includes: Group Chairman Dr. Raymond Obieri; Group Chief Executive Dr. Erastus Akingbola; Dr. Olutoyin Phillips, a non-executive director; Chris Duncan, a former client risk director at Barclays Group; Peter Sullivan, former CEO Standard Chartered Bank's operations in African and Hong Kong.

Intercontinental Bank currently operates more than 300 business offices in Nigeria with a subsidiary in Ghana, which was established in 2006 with eight business offices in Ghana's key commercial centers.

About Intercontinental Bank

Intercontinental Bank Plc, founded in 1989 as Nigerian Intercontinental Merchant Bank Ltd, is one of Nigeria's largest diversified financial services companies with subsidiaries in capital market, insurance, stock broking, discount house, finance and mortgage activities. Intercontinental Bank is in partnership with BNP Paribas, one of the ten largest banks in the world, and cooperates in areas of trade finance, asset management and product innovation. The bank's shareholders' fund of more than US$1.7 billion is the largest such fund in the Nigerian banking system and in the top five in Africa.

Suzanne Kimelman of FD, +1-212-850-5636, suzanne.kimelman@fd.com, for Intercontinental Bank
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Publication:PR Newswire Europe
Date:Sep 9, 2008
Words:449
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