Another Nigerian bank is extending its European trade finance operations with a view to increasing letter of credit (L/C) business and other banking services between Europe and West Africa's largest economy.

Intercontinental Bank has announced the official opening of its first European subsidiary - Intercontinental Bank UK - located in London.

International expansion

The opening marks the bank's continued international expansion, which began in 2006 with opening of Intercontinental Bank (Ghana) Plc.

According to the bank, it is set to open subsidiaries in every continent.

London services

Intercontinental Bank in London will offer wholesale banking services in the UK, including trade services business such as L/Cs, collections, guarantees and project finance.

Intercontinental Bank Plc, founded in 1989 as Nigerian Intercontinental Merchant Bank, and is one of Nigeria's largest diversified financial services companies with subsidiaries in capital markets, insurance, stock broking, discounting and mortgage activities.

European trend

Intercontinental Bank is in partnership with BNP Paribas, with which it cooperates in areas such as trade finance, asset management and product innovation.

First Bank of Nigeria announced in July that it had opened a new branch in Paris with a view to specialising in trade and corporate finance (DC World News, 27 August 2008).

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