Access bank on Friday terminated the employment of about 1, 500 employees of Intercontinental Bank. As a result of the acquisition of Intercontinental Bank Plc by Access Bank Plc
It was also learnt that the bank shut down some branches of Intercontinental Bank nationwide.
According to a statement by Access Bank to the Nigerian Stock Exchange
in December, Intercontinental Bank Plc will cease to exist by March 2012.
The statement said the merger of business would be effected through a Scheme of Merger pursuant to Part XII of the Investments and Securities Act (No 29) of 2007.
Access Bank said it had earlier envisaged that the merger process would take between 18 and 24 months, adding that it was able to fast-track the process due to a number of factors ranging from the pre-merger integration process and the support of stakeholders.
The statement read, “We are pleased that this acceleration has been made possible by the success of our pre-merger integration processes leading to the achievement of key milestones well ahead of initial target dates.
“This has been assisted by the high level of cooperation and support received from all stakeholders to date. The acceleration has also been necessitated by the successful completion of change of control at the parent as well as subsidiary levels of Intercontinental Bank.”
“To ensure that the momentum is sustained and that value is preserved, Access Bank has decided to accelerate the merger timetable in line with the progress of integration. This is particularly important as some critical aspects of the integration exercise such as customer and product integration will only be completed subsequent to the legal merger of both banks,” it added.
This is really silly. So what do they expect those staff to do now. Increasing the number of Unemployed individuals in the nation. Really un-called for