By Christopher Nnanta InvestAdvocate

Lagos (INVESTADVOCATE)-Access Bank Plc relocated from its former Corporate Head Office in Oyin Jolayemi Street to former Intercontinental Bank Plc Headquarters at Plot 999C, Danmole Street also in Victoria Island in Lagos Nigeria.

The Bank Tuesday notified the Nigeria’s Exchange of this relocation of’ Corporate Head Office with effect from January 26, 2012.

Access Bank said the new Corporate Office at Plot 999C; Danmole Street will provide the Bank with enlarged space and enhanced capacity to deliver excellent service to its stakeholders.

This is coming on the heels of the Merger and acquisition of Intercontinental Bank by Access Bank.

On Monday January 30 2012, Access Bank in Statement announced the conclusion of its acquisition of Intercontinental Bank Plc; emerging as an African Financial Powerhouse with a customer base of 5.7 million.

According to Access Bank the completion of its acquisition of Intercontinental Bank marks that the two Financial Institutions merged into a single entity.

“Consequently, upon gazetting, Intercontinental Bank stands dissolved without being wound up and all its assets and liabilities are now vested in Access Bank Plc. This transaction creates a formidable Nigerian financial institution comfortably positioned in the top four (4) ranking of the country’s financial institutions by most metrics” the Statement affirmed.

Access Bank further affirmed that the merger has repositioned the Nigerian Banking Sector on the African continent as the combined entity that has the potential of ranking amongst Africa’s top 10 banks according to The Bankers’ Magazine’s review of top African banks in its current edition.

“Some salient facts about the combined entity presented are a Customer Base of 5.7 million, Branch Network of 309, an Asset Base of N2, 018,018,714,000.

Other salient facts from The Bankers Magazine are Capital Adequacy ratio of 18.55 percent (18.55%) and a Liquidity Ratio of 76%.

Aigboje Aig-Imoukhuede, Group Managing Director/ Chief Executive Officer (GMD/CEO), Access Bank in his reaction to the development said the conclusion of the acquisition and merger transaction is a significant step forward for the Nigerian banking Sector

“All our people have worked hard to deliver this successful integration and the speed and efficiency with which it has been accomplished is a testament to the quality of our management team. Importantly, our customers have experienced minimal disruption and we would like to express our sincere appreciation to them for enabling this successful combination” the Access Bank GMD said.