Intercontinental Bank gets go ahead to operate in the UK
London - The Financial Services Authority (FSA) of the United Kingdom (UK) has licensed Intercontinental Bank (UK) Plc, a subsidiary of Intercontinental Bank Plc, as a full-fledged bank offering wholesale banking services in the United Kingdom.
The bank is authorized to perform trade services business, including letters of credits, collections and guarantees. Other aspects of its business include structuring and funding of structured trade and project finance transactions as well as arrangement of funding for group entities.
A seasoned international banker, Mr. Marcus Hopkins, has been appointed chief executive, while another international banker, Mr. Richard Wailes, will serve as Chief Operating Officer.
Hopkins was an Executive Director and Head of Capital Markets for Moscow Narodny Bank. Prior to this, he was the Head of Emerging Markets for HSBC Bank in the UK, while Wailes functioned in similar role at Banacci Group in London prior to its acquisition by Citigroup.
The new subsidiary has a seven-man board including three directors nominated by the sole shareholder— Intercontinental Bank Plc. These are the Group Chairman, Dr. Raymond Obieri; the Group Chief Executive, Dr. Erastus Akingbola; and Dr. Olutoyin Phillips, a non-executive director.
Others include UK (independent) non-executive directors, Mr. Chris Duncan; a former client risk director at Barclays Group and Peter Sullivan who was Chief Executive for Standard Chartered Bank’s Asian operations until the end of December 2007 and has also been the Group Chief Executive for Standard Chartered Bank’s operations in Africa.
According to the Group Chief Executive, Intercontinental Bank Plc, Dr. Erastus Akingbola, Intercontinental Bank (UK) Plc, located in 36 Leadenhall Street, a prestigious banking hub in the heart of London, will enable Nigerians and other nationals as well as corporate organisations in and outside the UK carry out seamless financial transactions in UK and anywhere in the world, adding that the UK subsidiary will also serve as base for further future geographic expansion.
“London will act as a strategic addition to Intercontinental Bank’s global expansion drive providing international investors with access to investment opportunities in African continent and other parts of the world.”
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