Access Bank takes strategic steps towards becoming Africa’s gateway to the world
Since its inception, Access Bank, a reputable financial institution, has continued to be relentless in pursuit of its vision of being Africa’s Gateway to the world; with expansion into major trade corridors in the African continent. In furtherance of this vision, the bank recently announced that it has obtained the Central Bank of Nigeria’s approval in principle to enable it to restructure as a Holding Company as well as regulatory approval to operate in Mozambique and plans to acquire a majority holding in South Africa’s Grobank Limited
The notification which was filed at the Nigerian Stock Exchange and signed by Sunday Ekwochi, Company Secretary, revealed that Access Bank’s desire to operate as a Holding Company would enable the bank to further accelerate its objectives around business diversification, improved operational efficiency, talent retention as robust governance.
Also, it’s definitive agreement to bolster its market position in Mozambique and enter the South African market will result in a more connected African banking network that builds on Access Bank’s existing foundation and enhances its value proposition to stakeholders, including customers and employees. Shareholders will benefit from the economies of scale of a larger banking network, including the associated cost efficiencies arising from the Bank’s federated IT system and the replication of investments in innovative products across a wider range of markets.
Speaking on these developments, Herbert Wigwe, GMD/CEO Access Bank said: “We have consistently said that we are focused on building the scale needed to become a leading African bank; one that leverages our experienced and growing talent base and key stakeholder partnerships towards driving sustainable impact and profitability. Today’s announcement demonstrates further commitment to delivering our strategic aspirations of becoming Africa’s Gateway to the world in line with our vision to be the World’s Most Respected African bank.
These transactions will significantly strengthen our presence in Southern Africa and further our footprint for growth in the SADC region. With a broader presence across the continent, Access Bank will be better placed to support our customers who are increasingly looking towards intra Africa growth. The proposed transactions will accelerate the Bank’s momentum towards delivering world-class banking services to an expanded customer base across Africa. Our goal remains to reach and impact 100 million unique customers across the continent by 2022. “
The bank is set to commence operations in Mozambique under the name Access Bank Mozambique, S.A (“Access Bank Mozambique”). It also announced that its definitive agreement with ABC Holdings Limited to acquire African Banking Corporation (Moҫambique), will result in the Access Bank Mozambique becoming the 7th largest bank in the country, up from the 20th. Also, its presence in South Africa is expected to provide access to the largest banking market in Africa and enable Access Bank to consolidate its Southern African and broader African footprint with enhanced capabilities to fulfill the needs of multi-national clients.