An international syndicated term loan facility of N6.6 billion ($50.50 million) has been secured by Intercontinental Bank Plc to boost its capital base.

Eight International Financial institutions, led by ICICI Bank in the United Kingdom (UK) arranged the loan.

The facility was offered at an initial amount of $20 million, but the international markets' response resulted in an over- subscription with the transaction closing at $50.5 million.

The facility will be used for financing trade-related transactions for the bank's customers with roll-over options at maturity thus allowing long term funding. Already, several major Nigerian corporate and multinational customers of the bank have signed on to partake in the facility.

Another upside of the transaction, according to officials, is that the bank is set to achieve greater efficiency, better cost of funds, improved profitability and expanded markets.

According to the Bank's Group Chief Executive, Dr. Erastus Akingbola, the transaction demonstrates the commitment of the bank to the promotion of business in Nigeria. He said the facility provides considerable business opportunities and extension of the bank brand franchise beyond the shores of Nigeria.

He added that the transaction was in line with the bank's global vision of being No. 1 in Nigeria, No.5 in Africa and among the first 100 in the world.