August 29, 2011 / 12:01 PM / 8 years ago

Nigeria's Access Bank to buy 75 pct of Intercontinental Bank

LAGOS, Aug 29 (Reuters) - Nigeria’s Access Bank said on Monday it will seek shareholders approval to acquire a 75 percent stake in rescued rival Intercontinental Bank and use 53 billion Nigerian naira ($342.6 million) it had raised in 2007 to fund the transaction.

Access said in a statement it will hold a shareholders meeting on September 26 to sanction the transaction. It signed a merger agreement with Intercontinental Bank in July, paving way for the troubled lender to be recapitalized ahead of a central bank deadline. Intercontinental was one of nine banks rescued in a $4 billion bailout by the central bank in 2009. ($1 = 154.700 Nigerian naira) (Reporting by Chijioke Ohuocha; Editing by Tim Cocks)

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