Access Bank and Intercontinental Bank have reported the near completion of moves to merge, with the signing of an MOU to that effect. The merger of the two institutions, the banks predict, “… will result in the emergence of one of Africa's largest financial institutions. “The MOU signing follows the completion of a competitive, rigorous and transparent selection process and the approvals of the Board of Directors of both banks,” a joint statement by the two banks issued in Accra, Monday, announced. “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 complimentarity; 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.” The statement further noted that the merger talks will be subject to the necessary shareholder, regulatory and judicial approvals, in accordance with international best practices. Access Bank Group Managing Director and Chief Executive Aigboje Aig-Imoukhuede told reporters the two institutions were a perfect match but gave no details on the terms of the deal, which still needs approval from Nigeria’s central bank and Securities and Exchange Commission. "These are two organizations that share potential synergies and are very complimentary, in terms of what is strong in one is not strong in the other," Aig-Imoukhuede said, concluding, “This is an ideal ground for a value-adding business combination.” Myjoyonline.com/Ghana