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.

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Abuja - The United Bank for Africa Plc (UBA), has completed the purchase of Liberty Bank after the the conclusion of the Purchase and Assumption (P&A) arrangement with the Nigerian Deposits Insurance corporation (NDIC).

Speaking during the handing over ceremony in Lagos on Tuesday, the Managing Director/Chief Executive Officer of NDIC, Mr. Ganiyu Ogunleye, disclosed that with this handing over, UBA has acquired additional N1.7 billion private sector deposit liabilities made up of about 19,604 accounts.

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Lagos - Shareholders of United Bank of Africa (UBA) Plc has approved the decision of the company to pay an interim dividend and declaration of bonus on its half year audited results for the 2008 financial year.

The company had earlier proposed an interim dividend of N0.25 for every 50 kobo ordinary shares and a bonus of one ordinary share for every two ordinary shares held, based on its performance in the half year financial result.

The shareholders who made this ratification at the bank’s Extra-Ordinary General Meeting in Lagos on Thursday enjoined the bank to ensure that its current growth rate are sustained in order to give better returns to shareholders in the coming years.

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Shareholders of Intercontinental Bank Plc, will be smiling to the bank following the bank’s board decision to pay a total dividend of N13.5billion for the 2007/2008 year. This is made up of the N6.3 billion paid to the investors as interim dividend last September and N7.2billion, the bank is proposing to pay as final dividend payout to its shareholders this month.

This translates to 40 kobo per share compared to 35 kobo paid as interim dividend, bringing the total dividend per share for the year to 75 kobo.The handsome dividend is the fallout from the sterling performance of the bank in its year end financial result due to be announced formally to its shareholders at the banks Annual General Meeting in Abuja at the end of this month.

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Abuja - The World Bank has approved a credit grant totaling $390 million (about N45 billion) to assist in the development of Nigeria’s road transport sector.

World Bank’s financial support came in the wake of President Umaru Musa Yar’Adua’s approval for the take-off of the Infrastructure Concession Regulatory Commission (ICRC) next month.

The Country Director of World Bank in Nigeria, Mr. Onno Ruhi, at a stakeholders’ workshop on the road sector reform held in Abuja, said the bank’s offer is a demonstration of its commitment towards the development of the country’s transport sector. “I am happy to announce that as a demonstration of our continued commitment towards Nigeria’s transport sector this quarter, the bank approved a credit totalling $390m (equivalent to over N45bn),” he said.

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