We are one of Nigeria's strongest financial institutions.. Our vision: To be the number one financial institution in Nigeria, number one in Africa and among the top 100 banks in the world, with a strong global presence.
We are confident that our vision would be realized in the short run, given our track record of spectacular growth in market share, profitability and returns on investment. We are driven by an inexorable quest for leadership in global finance and passion for excellence in customer service delivery. We are professional, innovative and resilient.
We are like the hexagon, the shape of our corporate icon. The hexagon is the strongest shape known in nature. The strength of bonding of the hexagon in a mesh is exceptional. This reflects in the special bonding between the bank and all its stakeholders. The hexagon is made up of six sides, symbolizing our vision to be in all six continents of the globe as encapsulated in our name: Intercontinental Bank.
Our vision to be on all continents is driven by a bold global expansion plan that kicked off with our first offshore subsidiary: Intercontinental Bank Ghana Limited, which commenced operations last year with five branches and head office in Accra. More subsidiary banks will open soon, to exploit identified business windows, in other parts of Africa, America, Europe (UK), Middle East (Dubai) and the Far East (China).
The strong bond between the bank and its burgeoning mesh of customers, investors and other stakeholders across the continents is cemented with our strict adherence to the corporate mission: To help all our stakeholders to build and preserve wealth. Our mission is propelled by a deeply passionate customer centric philosophy encapsulated by our corporate slogan: Happy Customer Happy Bank. We believe that the bank can only be happy when the customer is delighted with excellent and innovative wealth generating services.
Hence, we constantly upscale our processes to meet the needs and expectations of our increasingly discerning customers and other stakeholders from across the continents. This underscores the enormous and consistent customer and investor confidence, loyalty and support we enjoy which is the fulcrum of our outstanding leadership in business growth and profitability.
Our share offer for N30 billion last year was over-subscribed to the tune of about N90 billion by investors in the local market. Also, five global finance institutions invested N20.25 billion by preference shares in the bank. This moves the bank’s current shareholders` fund of N156 billion to about N177 billion, making it the largest shareholders` fund in the Nigerian banking system and also the first Nigerian bank to cross the one billion dollar mark in first tier capital.
The bank is in technical partnership with BNP Paribas, one of the ten largest banks in the world in the management of Nigeria's foreign reserves. The partnership is also to fuel the bank's drive to being a strong player in global banking by cooperating in areas of trade finance, asset management and product innovation. We are proud of our illustrious history. From N12 million in 1989, the Bank's Shareholders' Fund has leapt to almost N177 billion. Total assets is over N700 billion.
Our bank is one of Nigeria's strongest brands. Our robust brand equity, acquired over the past 18 years, resonates with a reputation for excellent customer service, superior financial performance and a track record of exceptionally high returns on investment. We have a highly successful and vibrant retail business, supported with over 200 branches spread nation-wide and going up to 280 branches by FYE 2007.
Our bank has the competitive edge in the area of business development and product innovation. We have diversified into a wide array of highly successful subsidiaries. It has the highest number of exceptionally powerful product brands in the market.
In appreciation of the tremendous support from society the bank takes corporate social responsibility seriously. We lead the Nigerian business community in support of two focus areas: Education and health.
We are proudly a very stable financial institution. All members of the Board that started the bank remain on the Board today. This reflects in the steady and dynamic growth of the bank over the years.