The MoU was signed following the approvals of the Board of Directors of both banks.
A joint press statement by the two banks said, "The business combination will offer unique opportunities for both institutions. The retail banking operations of Intercontinental Bank coupled with the wholesale and commercial banking strength of Access Bank offer a high degree of synergy and complementarities; unique in the Nigerian banking environment.
"The synergy from combining the two banks will therefore create a formidable competitor with scale to rival the top banks in the industry," said the release.
In signing the MoU, the two institutions agreed that their business combination was of systemic importance and would result in a significant degree of capacity in the Nigerian banking sector that would otherwise have been lost in the event of non-resolution of any of the rescued banks.
The statement also said, "Critically, the transaction provides a safe harbour for the depositors of Intercontinental Bank and the seamless continuation of banking services to their considerable customer base.
"It will also create a market leading platform from which the combined entity can capitalise on growth opportunities."
It, however, added that the process would be subject to necessary shareholder, regulatory and judicial approvals in accordance with international best practices.
