Intercontinental Bank is Bank of The Year 2008 Financial - Times, LondonReleased on 01 Dec 2008 Intercontinental Bank Plc was named Bank of The Year in the 2008 edition of The Banker Awards, in London. The most prestigious and credible industry award in the world is organized by The Banker Magazine, a publication of Financial Times of London, the world’s number one media conglomerate. The Banker Magazine monitors the performance of key financial institutions across the world and articulates the profile of corporate actions for the purposes of rewarding best performers in their respective countries. Intercontinental Bank was adjudged best in Nigeria. The bank’s ‘‘strengthened brand, strategic and growing global presence, and a clear mission to boost stakeholders’ returns”, are among the reasons given by The Banker for choosing Intercontinental Bank as its Nigeria’s Bank of the Year 2008. Fitch Ratings recently affirmed Intercontinental Bank’s National Long-term ratings at A+. This ranking indicates that the bank is a low risk financial institution. The agency also affirmed the bank’s international rating at B+, which is the highest for any Nigerian bank as at date by Fitch Ratings. According to Fitch “the ratings reflect Intercontinental Bank’s developing domestic franchise, strong record of earnings growth and adequate capitalization’’. Standards & Poor’s has also pronounced the bank’s international rating as BB-, which is the highest for any Nigerian bank just as Nigeria’s sovereign rating is also capped at BB-. Fitch and S & P are the two world’s leading rating agencies for both corporate and sovereign risks. |
