LAGOS, Sept 1 (Reuters) - Nigeria’s Access Bank said on Thursday it planned to spend 50 billion naira ($323 million)to recapitalise rescued rival Intercontinental Bank and combine both businesses within 12 months of the merger.
Access Bank and Intercontinental said in a statement to shareholders from which it is seeking approval for the deal that the combined entity remain listed on the Nigerian Stock Exchange, and that they expected to complete the transaction by sept 30.
It said the capital injection will take Intercontinental over the regulatory 10 percent minimum capital adequacy levels.
The bank said on Monday it would seek shareholders approval to acquire a 75 percent stake in Intercontinental, drawing on 53 billion Nigerian naira it had raised in 2007 to fund the transaction. ($1 = 154.785 Nigerian Nairas) (Reporting by Chijioke Ohuocha; Editing by Tim Cocks)