AIG acquires Intercontinental

In 2007 AIG Global Emerging Markets Fund II, a fund sponsored by AIG Capital Partners, acquired a minority interest in Intercontinental Bank plc as part of a consortium.

The transaction will support Intercontinental Bank’s expansion strategy in and outside Nigeria, and was part of a larger fundraising exercise of approximately $850m by Intercontinental Bank to increase its Tier 1 capital with funds earmarked for various growth initiatives. Further members of the investment consortium included affiliates of Emerging Capital Partners, Vectis Capital, Firstrand International Limited and Rashed Abdulrahman Al Rashed & Sons Company Limited. Based in Lagos, Nigeria, Intercontinental Bank has assets of $5.5bn and a market capitalisation of $3.5bn on the Nigerian stock exchange.

Erastus Akingbola, CEO and founding shareholder of Intercontinental Bank, commented: “We are extremely pleased to have this investment from such a renowned group of international investors. AIG Investments will bring their global capacity and financial leadership to bear on the operations and performance of Intercontinental Bank in its drive to excel on the stage of global banking.”

Nova Capital Partners, LLC, a leading middle market investment bank focused on secondary emerging markets, arranged the investment of $161m of convertible preferred equity in Intercontinental Bank, plc, one of Nigeria’s largest and most profitable banks. Nova Capital was the sole manager of the transaction and strategic adviser to Intercontinental Bank.

“We’re pleased to announce this historic investment,” said Wm. Terry Krueger, senior managing partner of Nova Capital Partners, “and look forward to strengthening our relationship with Intercontinental Bank, Plc in the future.”

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