By InvestAdvocate

Lagos INVESTADVOCATE)-Intercontinental Registrars Limited Tuesday announced that is has wound up its operations in pursuant to the successful merger between Intercontinental Bank Plc (its parent company) and Access Bank Plc.

The Company said this in a Notice to the Stock Exchange in Lagos Nigeria and advised Shareholders to transfer to their preferred Registrars.

“The Company has informed The Exchange that in pursuant to the successful merger between Intercontinental Bank Plc, (its parent company) and Access Bank Plc, Intercontinental Registrars Ltd consequently became a subsidiary of the enlarged Access Bank Plc” the Notice said.

According to Intercontinental Registrars, at the meeting of its Board of Directors held on Thursday 16th February 2012, it was decided that business operations of Intercontinental Registrars Ltd be wound up. “In the light of this, its business operations are in the process of being transferred to other operators” the Company said.

The Notice further affirmed that Intercontinental Registrars has written to all its clients given them the options to transfer to their preferred Registrars by February 29, 2012 or be migrated to United Securities Ltd if no response is received from them by the said February 29, 2012.

Also, Intercontinental Registrars said that Access Bank has expressed its commitment to ensure that all of the Companies’ obligations to third parties, including any dividends shortfall, are fully met in the course of the company’s winding down of operations.

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.