Intercontinental Finance and Investment Limited (IFIL) formerly known as EBN Finance, was incorporated on January 30, 2004 when the regulatory authorities stopped issuing licences to operate finance and securities business together . The company commenced operations in July 2004 with an approval-in-principle as a wholly owned subsidiary of the defunct Equity Bank of Nigeria, now Intercontinental Bank Plc. Intercontinental Finance and Investment Limited has an authorized share capital of 20 million of N1 each (prescribed minimum).