Intercontinental Bank opens London office

Story: Boahene Asamoah
Intercontinental Bank, one of Nigeria’s financial institutions, has opened its first European office in London.
The opening marks the bank’s continued international expansion that began in 2006 with the opening of Intercontinental Bank Ghana Limited
“The opening of the 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 Nigerians, other nationals and organisations within and outside of the United Kingdom to execute seamless financial transactions in the UK,” he stated.
The London location 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 for the bank’s future expansion and will allow the organisation to capitalise on opportunities in all segments of our business, both retail and wholesale,” said the CEO of Intercontinental Bank UK, Marcus Hopkins.
He said, “We are confident that the bank will be a valuable addition to the London banking landscape, continuing its mission to help its stakeholders build and preserve wealth”.
Intercontinental Bank currently operates more than 300 business offices in Nigeria with its first subsidiary in Ghana, which was established in 2006 and currently operating with 11 business offices in key commercial centres. The Ghana Subsidiary also operates three agencies.
Intercontinental Bank Plc was founded in 1989 as Nigerian Intercontinental Merchant Bank Ltd, and is today, 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 10 largest banks in the world, and cooperate in areas of trade finance, asset management and product innovation. The bank’s shareholders’ fund of approximately $1.52 billion is the largest such fund in the Nigerian banking system and in the top five in Africa.