By NKIRUKA NNOROM
Access Bank Plc said that it has off-loaded 51.8 per cent of its holdings in Intercontinental Homes Savings and Loan Plc, in keeping with the Central Bank of Nigeria's directive on commercial banking.
The Bank said in notice filed with the Nigerian Stock Exchange, NSE, that out of the five companies that expressed interest in investing in the company, Interrec Limited emerged the preferred bidder.
In a notice to the Nigerian Stock Exchange, NSE, the bank stated that Interrec was chosen after careful evaluation of the bids, while also citing those that expressed interest to include United Mortgage Limited (Mortgage Bankers), Foursquare Gospel Church in Nigeria, Coop Savings and loans Limited, SunTrust Savings and Loans Limited and Interrec Limited.
The statement said, "The divestment process commenced with the receipt of Expressions of Interest from the listed prospective investors who expressed their interest in acquiring 51.88 per cent equity stake of Access Bank Plc. in Intercontinental Homes Savings & Loans Plc
"Upon conclusion of the due diligence exercise Request for Proposals (RFP's) were forwarded to the prospective bidders. Consequently, only the bidders – Interrec Limited and United Mortgage Limited submitted their Financial Bids before the close of business on May 7, 2012 by 6pm."
The statement further explained, "In line with the Central Bank of Nigeria's (CBN) Revised Banking Model, the Board of Directors of Access Bank Plc ('the Bank' or 'Access Bank') resolved to apply for an International Commercial Banking license from the CBN.
Vanguard Nigeria