Access Bank Group

Last updated

Access Bank Group
Company type Private
Nigerian Stock Exchange: ACCESS
ISIN NGACCESS0005
Industry Financial services
Founded1989;35 years ago (1989)
Headquarters Victoria Island, Lagos
Lagos State, Nigeria
Key people
 Aigboje Aig-Imoukhuede
Group Chairman [1]
Bolaji Agbede
Acting Group Managing Director & Acting Group CEO
Products Banks, Mortgages Investments
Total assets US $22.419 billion [2]
(NGN: 36.5 trillion) (30 June 2024)
Number of employees
28,121+ (2021)
Website www.accessbankplc.com

Access Bank Group is a financial services conglomerate, headquartered in Nigeria, with subsidiaries in Angola, the Democratic Republic of the Congo, Ghana, Ivory Coast, Kenya, Nigeria, Rwanda, The Gambia, Guinea, Cameroon, Sierra Leone, Mozambique, Botswana, South Africa, Tanzania, Uganda, Zambia, France and the United Kingdom. The group also maintains representative offices in China, India, Lebanon and United Arab Emirates.

Contents

In May 2023, the bank group opened an operational banking subsidiary in Paris, France. It is reported that the French subsidiary will first focus on funding trade finance between France and francophone Africa, before opening subsidiaries in French-speaking Africa. [3] As of July 2021, the group serviced in excess of 42 million customers [4] in Africa. [5] [6] After the merger of Access Bank Plc. and Diamond Bank on 1 April 2019, Access Bank Plc is now Africa’s largest bank by customer base, and the largest bank in Nigeria by assets. [7]

Overview

As of 30 June 2024, Access Bank Group announced total assets of NGN 36.5 trillion (approx. US$22.419 billion), with shareholders' equity of NGN 2.8 trillion (approx. US$1.72 billion). [2] As of that time, the group maintained operational banking subsidiaries in 20 countries in Sub-Saharan Africa, Europe and the Middle East. [2]

Acquisition of Diamond Bank

In 2018, Access Bank Nigeria, which accounts for approximately 75 percent of the groups assets, agreed to merge with Diamond Bank, another Nigerian commercial bank that was struggling to maintain regulatory capital ratios. [8] [9] The transaction required regulatory and shareholder approval from both banks. [10] The merger was completed in March 2019. The combined bank retained the name Access Bank Nigeria. [11]

Recent events

On 24 October 2021, Access Bank announced it has entered a binding pact to merge its Zambian unit with African Banking Corporation Zambia Limited in a planned reformation coming barely 9 months after it bought the subsidiary. The agreement confirms Access Bank's will to broaden its presence in the Southern African country to 70 branches and agencies, customer base to 300,0000, and total assets with a value in the neighbourhood of US$1 billion through the combined entity. [12]

On mid-October 2021, Access Bank announced that the group has finalised the acquisition of 78.15 percent shareholding in the African Banking Corporation of Botswana, otherwise known as BancABC Botswana. [13]

On 4 October 2021, the group issued a $500 million Eurobond, priced at 9.125 percent. According to Access Bank Group, this additional Tier One Eurobond which is issued under the bank's medium term note programme is a Basel III compliant Perpetual Non-Call 5.25-year Subordinated Note to be heated on the London Stock Exchange. The Eurobond may be called anytime from 7 October 2026, subject to conditions including the Central Bank of Nigeria's approval. [14]

History

The bank was founded in 1988 and incorporated as a private commercial bank in February 1989. It actually began operations on 11 May 1989, establishing its first office located at Burma Road in the Apapa district of Lagos.

In March 1998, Access Bank changed its legal status and became a public limited company and in the same year, on 18 November, entered the Nigeria Stock Exchange.

In 2002, Aigboje Aig-Imoukhuede was appointed managing director and Herbert Wigwe, Deputy Managing Director, with the mandate of raising the bank from 65th place to the top 10 in 2007.

In 2003, Access Bank raised more than NGN 14.5 billion with a public offering, registering a 133% oversubscription. The same year, the bank received the Hewlett Packard Award for the best implementation of a basic banking application (Flexcube 6.2) in West Africa. The following year, Access Bank acquired Capital Bank and Marina Bank through a merger by absorption and integration. [15]

During 2007, Access Bank became the first Nigerian bank to introduce Visa credit cards in Nigeria [16] and achieved EMV certification for the multi-card ATM services platform. It also received funding from the Belgian Investment Company for Developing Countries. Access Bank successfully concluded its 3rd public offering in 2008, raising more than US$1 billion.

In 2009, Access Bank merged with the Intercontinental Commercial Bank (ICB) [17] and was listed the same year (2012) [18] on the LSE (London Stock Exchange). A 350 million dollars Eurobond was also successfully raised in parallel.

During 2018, Access Bank announced its intention to acquire Diamond Bank, which had a portfolio of 29 million customers, for US$235 million. The group also announced a collaboration with 25 global banks to develop the principles of sustainable banking and align the sector with the United Nations sustainable development goals, and the launch of Access WhatsApp Banking. Completion of the merger with Diamond Bank was announced in March 2019.

In March 2021, Access Bank announced the acquisition of a stake in Grobank, a South African bank, for US$60 million. [19]

In March 2024, Access Bank Group signed binding contracts to acquire National Bank of Kenya, a subsidiary of the Kenya Commercial Bank Group. The transaction which requires regulatory approval in Kenya and Nigeria, is expected to conclude in Q4 2024. [20]

Expansion plan

In Africa

In early 2021, Access Bank announced that it had identified eight new African countries for potential expansion, seeking to benefit from a continent-wide free trade agreement. The target markets are Morocco, Algeria, Egypt, Côte d'Ivoire, Senegal, Angola, Namibia and Ethiopia, which would extend the international presence of the bank to 18 countries. Access Bank is expected to establish offices in some countries and in others, should partner with existing banks and leverage its digital platforms to provide services to clients. [21]

In January 2024, Access Bank made binding commitments, subject to regulatory approval in Nigeria and Uganda, to acquire 80 percent shareholding in Finance Trust Bank, a Ugandan commercial bank that specializes in lending to women customers and women-led businesses. [22]

In December 2024, Access Bank Plc. signed binding contracts to acquire 100 percent shareholding Bidvest Bank in South Africa for consideration of US$159 millions (ZAR:2.8 billion). The deal is expected to close by June 2025 and is subject to regulatory approval. [23]

Acquisition of selected assets of Standard Chartered in five African countries

In July 2023, Access Bank Group reached binding agreements with Standard Chartered Plc (SCB) of the United Kingdom for the Access group to acquire SCB shareholding in subsidiaries domiciled in Angola, Cameroon, Gambia and Sierra Leone. Access will also buy SCB's consumer, private & business banking business in Tanzania. The deal requires regulatory approval in the United Kingdom, Nigeria and in each of the five respective subsidiary domiciles. Completion of the acquisition is expected during H2 of 2024. [24] [25] [26]

In France and Europe

In July 2021, the French government manifested its will to strengthen its ties with Nigerian captains of industry including Herbert Wigwe, the group managing director of Access Bank, and announced that an agreement had been signed which would allow the group to settle in France. [27] This agreement confirms the group's vision and desire to extend its influence and activities to all of France and gradually to all of Europe. The opening of Access Bank in Paris will be managed by the group's London branch, headed by Britain's Jamie Simmonds. The new offices in France will focus on trade finance. The Nigerian bank is also considering embarking on investment and wealth management services. [27]

Member companies

As of October 2024 the member companies of Access Bank Group include but are not limited to the following:

CountryNameCitation
Flag of Angola.svg  Angola Access Bank Angola [24]
Flag of Botswana.svg  Botswana Access Bank Botswana [24]
Flag of Cameroon.svg  Cameroon Access Bank Cameroon [24]
Flag of the Democratic Republic of the Congo.svg  Democratic Republic of the Congo Access Bank Congo [28]
Flag of France.svg  France Access Bank France [3] [29]
Flag of The Gambia.svg  Gambia Access Bank Gambia
Flag of Ghana.svg  Ghana Access Bank Ghana
Flag of Guinea.svg  Guinea Access bank Guinea [30]
Flag of Cote d'Ivoire.svg  Ivory Coast Omnifinance Bank [28]
Flag of Kenya.svg  Kenya Access Bank Kenya
Flag of Mozambique.svg  Mozambique Access Bank Mozambique [31]
Flag of Nigeria.svg  Nigeria Access Bank Nigeria
Flag of Rwanda.svg  Rwanda Access Bank Rwanda [6] [28]
Flag of Sierra Leone.svg  Sierra Leone Access Bank Sierra Leone [24]
Flag of South Africa.svg  South Africa Access Bank South Africa
Flag of Tanzania.svg  Tanzania Access Bank Tanzania [24] [32]
Flag of Uganda.svg  Uganda Access Bank Uganda (Requires regulatory approval) [33]
Flag of the United Arab Emirates.svg  United Arab Emirates Access Bank United Arab Emirates
Flag of the United Kingdom.svg  United Kingdom Access Bank United Kingdom
Flag of Zambia.svg  Zambia Access Bank Zambia [34]

Location

Access Bank headquarter in Lagos. AccessBank-Lagos-Headquarters-Nigeria.jpg
Access Bank headquarter in Lagos.

The headquarters of Access Bank Group were previously located at Plot 999c, Danmole Street, Off Adeola Odeku/Idejo Street, Victoria Island, Lagos, Nigeria.

In February 2020, the headquarters were relocated to Access Tower, 14/15, Prince Alaba Oniru Road, Oniru, Lagos, Nigeria. [35] The geographical coordinates of the banking groups headquarters are: 06°26'00.0"N, 03°26'36.0"E (Latitude: 6.433459, Longitude: 3.445069). [36]

See also

Related Research Articles

<span class="mw-page-title-main">First Bank of Nigeria</span> Nigerian multinational bank

First Bank of Nigeria is a multinational bank and financial services company with headquarters in Lagos, Nigeria. First Bank was founded in 1894, by Sir Alfred Jones, but is currently owned by FBN Holdings PLC, which in itself has diversified ownership with over 1.3 million shareholders.

<span class="mw-page-title-main">First City Monument Bank</span> Nigerian bank

First City Monument Bank (FCMB), a member of FCMB Group Plc, is a financial services holding company headquartered in Lagos. FCMB Group Plc has nine subsidiaries divided among three business groups: commercial and retail banking, investment banking, and asset and wealth management. As of December 2020, the group's total assets were valued at US$5 billion.

<span class="mw-page-title-main">Guaranty Trust Holding Company PLC</span> Multinational financial services group

Guaranty Trust Holding Company PLC also known as GTCO PLC is a multinational financial services group, that offers retail and investment banking, pension management, asset management and payments services, headquartered in Victoria Island, Lagos, Nigeria. GTCO Plc was created in July 2021 following the corporate reorganization of Guaranty Trust Bank PLC into a Holding Company.

<span class="mw-page-title-main">Access Bank plc</span> Nigerian multinational bank

Access Bank Plc, commonly known as Access Bank, is a Nigerian multinational commercial bank, owned by Access Bank Group. It is licensed by the Central Bank of Nigeria, the national banking regulator.

<span class="mw-page-title-main">United Bank for Africa</span> Nigerian financial services conglomerate

United Bank for Africa Plc (UBA) is a multinational pan-African financial services group headquartered in Lagos Island, Lagos and known as Africa’s Global Bank. It has subsidiaries in 20 African countries and offices in London, Paris and New York. In December 2021, UBA received its banking license to commence operations in the UAE. It is listed as commercial bank by the Central Bank of Nigeria. The shares of stock of the group are listed on the Nigerian Stock Exchange, where they trade under the symbol: UBA. The Group Chairman of the bank is Tony Elumelu and the GMD/CEO is Oliver Alawuba.

KCB Group Limited, also known as the KCB Group, is a financial services holding company based in the African Great Lakes region. The Group's headquarters are in Nairobi, Kenya, with its subsidiaries being KCB Bank Kenya Limited, KCB Bank Burundi Limited, KCB Bank Rwanda Limited, KCB Bank South Sudan Limited, KCB Bank Tanzania Limited, KCB TMB Congo and KCB Bank Uganda Limited.

Access Bank Botswana, is a commercial bank formerly known as BancABC Botswana, that is headquartered in Gaborone, Botswana. In October 2021, Access Bank Group concluded the acquisition of 78.15 percent shareholding in the stock of the erstwhile BancABC Botswana. The bank subsequently rebranded to its current name to reflect its shareholding. The shares of stock of Access Bank Botswana are traded on the Botswana Stock Exchange, under the symbol: ACCESS. The company shareholding amounting to 21.85 percent that is not controlled by Access Bank Group is free-floating on the BSE.

United Bank for Africa Uganda Limited, also UBA Uganda, is a commercial bank in Uganda. It is licensed by the Bank of Uganda, the central bank and national banking regulator. UBA Uganda is a subsidiary of the United Bank for Africa, headquartered in Lagos, Nigeria, with a presence in twenty African countries, the United Kingdom, France, and the United States. The stock of UBA Transnational trades on the Nigeria Stock Exchange under the symbol UBA.

<span class="mw-page-title-main">Union Bank of Nigeria</span> Commercial bank in Nigeria

Union Bank of Nigeria Plc is a commercial bank in Nigeria headquartered in Marina, Lagos Island, Lagos. It has been operating in Nigeria since 1917.

<span class="mw-page-title-main">I&M Holdings Limited</span> Kenyan financial services conglomerate

I&M Holdings Limited, also I&M Bank Group, is a conglomerate comprising banks, an insurance company and investment advisory businesses. The group's headquarters are located in Nairobi, Kenya, with subsidiaries in Kenya, Mauritius, Rwanda, Tanzania and Uganda. The flagship company of the group is I&M Bank Limited, with headquarters in the I&M Bank Tower on Kenyatta Avenue in the central business district of Nairobi, Kenya's capital and largest city.

NCBA Bank Kenya, whose full name is NCBA Bank Kenya Plc, is a commercial bank in Kenya. It is licensed by the Central Bank of Kenya, the country's central bank and national banking regulator.

Commercial Bank of Africa Group is a financial services provider in East Africa. Its headquarters are located in Nairobi, Kenya, with subsidiaries in Kenya, Rwanda, Tanzania, Uganda and Ivory Coast.

Access Bank Kenya (ABK), whose complete name is Access Bank (Kenya) PLC, formerly Transnational Bank Kenya PLC, is a commercial bank in Kenya. It is licensed and regulated by the Central Bank of Kenya, the national banking regulator.

<span class="mw-page-title-main">NCBA Bank Tanzania</span> Tanzanian commercial bank

NCBA Bank Tanzania Limited, is a merged bank between Commercial Bank of Africa (Tanzania) and NIC Bank Tanzania. It is a commercial bank in Tanzania licensed by the Bank of Tanzania, the central bank and national banking regulator.

Intercontinental Bank, commonly referred to Intercontinental, was a Nigerian commercial bank that operated from 1989 until it was acquired by Access Bank plc in 2013. Prior to its acquisition, Intercontinental Bank was one of the twenty-four commercial banks licensed by the Central Bank of Nigeria, the country's banking regulator.

<span class="mw-page-title-main">Access Bank Zambia</span> Commercial bank in Zambia

Access Bank Zambia, whose full name is Access Bank Zambia Limited, is a commercial bank in Zambia. It is licensed by the Bank of Zambia, the central bank and national banking regulator.

<span class="mw-page-title-main">NCBA Group Plc</span> Kenyan financial services conglomerate

NCBA Group Plc, is a financial services conglomerate in East and West Africa. The Group's headquarters are located in Nairobi, Kenya, with subsidiaries in Kenya, Tanzania, Rwanda, Uganda and Ivory Coast.

Atlas Mara Limited, formerly referred to as Atlas Mara Co-Nvest Limited, is a financial services holding company formed to undertake the acquisition of target banks in Africa.

<span class="mw-page-title-main">Equity Group Holdings</span> Financial services holding company based in the African Great Lakes region

Equity Group Holdings Limited (EGHL), formerly Equity Bank Group, is a financial services holding company based in the African Great Lakes region. EGHL's headquarters are in Nairobi, Kenya, with subsidiaries in Kenya, Uganda, Tanzania, South Sudan, Rwanda, Democratic Republic of the Congo and a representative office in Ethiopia.

References

  1. ↑ Deborah Dan-Awoh (13 March 2024). "Access Holdings board of directors appoints Aigboje Aig-Imoukhuede as Chairman". Nairametrics . Lagos, Nigeria. Retrieved 15 March 2024.
  2. 1 2 3 MM Partners (September 2024). "Access Holdings Grows Revenue To ₦2.2 Trillion In H1 2024". Nairametrics . Lagos, Nigeria. Retrieved 15 October 2024.
  3. 1 2 Radio France Internationale (16 May 2023). "Leading Nigerian bank opens French subsidiary in Paris". Radio France Internationale . Paris, France. Retrieved 21 May 2023.
  4. ↑ "Access Bank grows customer base to 42 million". punchng.com. 20 January 2021. Archived from the original on 20 January 2021.
  5. ↑ James Anyanzwa (3 November 2019). "Nigeria's biggest lender enters EA market to grow African footprint". The EastAfrican . Nairobi. Retrieved 31 August 2020.
  6. 1 2 Faith Ikade (3 June 2020). "Access Bank Becomes Major Shareholder In Its Rwanda Subsidiary". Lagos: Ventures Africa. Retrieved 31 August 2020.
  7. ↑ "Access Bank takes top spot as Nigeria's biggest bank by asset". premiumtimesng.com. April 2021. Archived from the original on 1 April 2021.
  8. ↑ Zainab Babalola (22 January 2020). "Diamond and Access Bank Merger - Changing Financial Landscape in Nigeria". Ikoyi, Lagos, Nigeria: TNP Nigeria. Retrieved 31 August 2020.
  9. ↑ "Nigeria's Access Bank to buy rival Diamond Bank to create Africa's 'biggest bank'". Business Daily Africa . Nairobi. Reuters. 19 December 2018. Retrieved 31 August 2020.
  10. ↑ Chijioke Ohuocha (5 March 2019). "Nigeria's Access Bank gets approval for Diamond Bank takeover". Reuters.com . Retrieved 31 August 2020.
  11. ↑ Aderemi Ojekunle (20 March 2019). "Access Bank, Diamond Bank successfully complete merger to create one of Africa's largest banks". Ikeja, Lagos, Nigeria: Pulse Nigeria. Retrieved 1 September 2020.
  12. ↑ "Access Bank Plc announces proposed merger with Zambian African Banking Corporation". nairametrics.com. 26 October 2021. Archived from the original on 26 October 2021.
  13. ↑ "Access Bank Acquires 78.2 Percent Stake In BancABC Botswana". 13 October 2021. Archived from the original on 13 October 2021.
  14. ↑ "Nigeria's Access Bank issues $500 mln Eurobond, priced at 9.125% -bookrunner". Reuters.com . 4 October 2021.
  15. ↑ "Merger: Access Bank set to raise $250m Tier 11 capital in 2019 - Premium Times Nigeria". 19 December 2018. Retrieved 21 June 2022.
  16. ↑ "Access Bank introduces the first VISA credit card in Nigeria". proshareng.com. 20 October 2007. Archived from the original on 1 November 2021.
  17. ↑ "Access Bank, Intercontinental to complete merger March 2012". vanguardngr.com. 7 December 2011. Archived from the original on 7 December 2011.
  18. ↑ "Access Bank Group | notfound".
  19. ↑ "Nigeria's Access Bank buys $60 million stake in South Africa's Grobank". Reuters.com . 30 March 2021. Archived from the original on 30 March 2021.
  20. ↑ Taofik Salako (21 March 2024). "Access Bank acquires Kenya's major bank". The Nation (Nigeria) . Mushin, Lagos State, Nigeria. Retrieved 25 June 2024.
  21. ↑ "Nigeria's Biggest Bank Picks Eight Countries for Expansion". Bloomberg.com . 19 January 2021. Archived from the original on 11 February 2021.
  22. ↑ Edna Mwenda (27 January 2024). "Nigeria's Access Bank acquires Ugandan lender". The EastAfrican . Nairobi, Kenya. Retrieved 29 September 2024.
  23. ↑ Noah Banjo (12 December 2024). "Access Bank continues expansion with 100% acquisition of South Africa's Bidvest Bank". Techpoint Africa. Lagos, Nigeria. Retrieved 12 December 2024.
  24. 1 2 3 4 5 6 Yousef Saba and Jason Neely (14 July 2023). "StanChart to sell five sub-Saharan Africa businesses to Access Bank". Reuters . Retrieved 28 July 2023.
  25. ↑ Caleb Nnamani (14 July 2023). "Access Bank to acquire Standard Chartered's subsidiaries in sub-Saharan Africa". TechCabal. Lagos, Nigeria. Retrieved 31 July 2023.
  26. ↑ "Access Bank Plc enters into acquisition agreements with Five Standard Chartered Shareholdings in Africa". The Citizen (Tanzania) . Dar es Salaam, Tanzania. 26 August 2023. Retrieved 27 August 2023.
  27. 1 2 This Day (18 July 2021). "Herbert Wigwe Set to Take Access Bank to France". This Day Nigeria . Lagos, Nigeria. Retrieved 21 May 2023.
  28. 1 2 3 Tume Ahemba (20 May 2008). Louise Ireland (ed.). "Nigeria's Access Bank Buys Three Foreign Banks". Reuters . Retrieved 17 October 2024.
  29. ↑ David Ijaseun (2 June 2023). "Access Bank unveils initiative to ease Nigeria-France trade". Business Day (Nigeria) . Lagos, Nigeria. Retrieved 12 June 2024.
  30. ↑ Diala, Sam (23 July 2023). "Access Corporation Plc: 5-Year Strategic Plan Shows Early Signs of Accomplishment". THE WILL.
  31. ↑ Adenuga, Adepeju (19 May 2021). "Access Bank acquires Mozambique's African Banking Corporation". Punch Nigera.
  32. ↑ "Access Bank completes acquisition of BancABC Tanzania, now operating as Access Bank Tanzania Limited". The Citizen (Tanzania) . Dar es Salaam, Tanzania. 25 September 2024. Retrieved 8 October 2024.
  33. ↑ Muhereza Kyamutetera (26 December 2023). "Nigeria's Access Bank Plc Set To Acquire Uganda's Finance Trust Bank". CEO Magazine Uganda. Kampala, Uganda. Retrieved 12 June 2024.
  34. ↑ Lusaka Times (7 August 2020). "Access Bank acquires Cavmont Bank Ltd". Lusaka Times. Retrieved 1 September 2020.
  35. ↑ Abiola Odutola (15 February 2020). "Access Bank moves headquarters to Oniru, Lagos". Ikeja, Lagos, Nigeria: Nairametrics.com. Retrieved 31 August 2020.
  36. ↑ "Location of headquarters of Access Bank Group" (Map). Google Maps . Retrieved 31 August 2020.
This page is based on this Wikipedia article
Text is available under the CC BY-SA 4.0 license; additional terms may apply.
Images, videos and audio are available under their respective licenses.