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| Notice of Meeting of the Holders of the Fully Paid Ordinary Shares of Intercontinental Bank |
| Notice of Meeting of the Holders of the Fully Paid Ordinary Shares of Intercontinental Bank |
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| Renaissance Capital Report on Intercontinental Bank |
| In this note, we address the market’s concerns on the state of Intercontinental Bank’s balance sheet. By publishing Intercontinental Bank’s asset risks and stress-testing them, we hope to close the chapter on the de-marketing of this name and provide investors with the means to assess these risks. With the data provided in this note, Intercontinental Bank has now disclosed more information on its balance sheet than most of its peers. In our opinion, this demonstrates management’s commitment to transparency and improved corporate governance. We intend to move the debate on Intercontinental Bank forward to the real operational challenges at the company, which centre on its ability to restructure its balance sheet and reduce its cost base in a high risk and slowing macro growth environment. Note that these challenges are not limited to Intercontinental Bank, but are shared across the entire Nigerian banking landscape. |
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