By NBF News

Access Bank Plc and one of the rescued banks, Intercontinental Bank Plc have commenced merger and acquisition talks following the signing of a Transaction Implementation Agreement.

According to a statement by both parties made available to Vanguard, the Central Bank of Nigeria, CBN, has also granted both banks the approval to implement the terms of the agreement.

The statement further noted, however, that the final outcome of the agreement, will be subject to the approval of the regulatory authorities, court of law and shareholders of both banks.

The statement reads, 'Following the execution of a Memorandum of Understanding between Access Bank Plc and Intercontinental Bank Plc for the purpose of a business combination to create one of Africa's largest financial institutions, we are pleased to announce that both parties have now entered into legally binding terms for the proposed combination with the signing of the Transaction Implementation Agreement (TIA).

'The transaction will involve a Scheme of Arrangement in accordance with the laws of the Federal Republic of Nigeria.

'The Central Bank of Nigeria (CBN) has conveyed its no -objection to the terms of the TIA and has granted both parties approval to implement the terms of the Agreement.

'Consequently, the parties will now commence the process of a Scheme of Arrangement, which in line with best practice; will be subject to necessary Shareholder, Regulatory and Judicial approvals.'