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 $25.513 billion
(NGN: 10.055 trillion) for Q2:2021
Number of employees
28,121+ (2021)
Website www.accessbankplc.com

Access Bank Group is a financial services conglomerate, headquartered in Nigeria, with subsidiaries in the Democratic Republic of the Congo, Ghana, Kenya, Nigeria, Rwanda, The Gambia, Guinea, Cameroon, Sierra Leone, Mozambique, Botswana, South Africa, 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. [2] As of July 2021, the group serviced in excess of 42 million customers [3] in Africa. [4] [5] After the merger of Access Bank plc and Diamond Bank on April 1, 2019, Access Bank plc is today the Africa’s largest bank by customer base, and the largest bank in Nigeria by asset. [6]

Overview

In June 2021, Access Bank Group has published its Q2 (second quarter) report, and has announced a total assets to NGN 10.055 trillion (US$25.513 billion) for the half year ended June 30, 2021. [7] As of July 2021, the group maintained operational subsidiaries in 9 Sub-Saharan countries and one Western European country. The banking group also has representative offices in four Asian countries, two of which are in the Middle East. [4] [5]

Acquisition of Diamond Bank

In 2018, Access Bank Nigeria, which accounts for approximately 75% 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 October 24, 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, Access Bank announced that the group has finalised the acquisition of 78.15% shareholding in the African Banking Corporation of Botswana, otherwise known as BancABC Botswana. [13]

On October 4, 2021, the group has issued a $500 million Eurobond, priced at 9.125%. 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 October 7, 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 May 11, 1989, establishing its first office located at Burma Road in the Apapa district.

In March 1998, Access Bank changed its legal status and became a public limited company and in the same year, on November 18, 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 Fund for Investment Companies 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 for US$235 million, which represents a portfolio of 29 million customers. 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 is 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]

Expansion plan

In Africa

In early 2021, Access Bank announced that it had identified eight new African countries for potential expansion, [20] 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.

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. [21] [22] [23]

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. [24] 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. [24]

Member companies

As of August 2023 the member companies of Access Bank Group include but are not limited to the following:

CountryNameCitation
Flag of Angola.svg  Angola Access Bank Angola (Requires regulatory approval) [21]
Flag of Botswana.svg  Botswana Access Bank Botswana [21]
Flag of Cameroon.svg  Cameroon Access Bank Cameroon (Requires regulatory approval) [21]
Flag of the Democratic Republic of the Congo.svg  Democratic Republic of the Congo Access Bank Congo
Flag of France.svg  France Access Bank France [2] [25]
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 [26]
Flag of Kenya.svg  Kenya Access Bank Kenya
Flag of Mozambique.svg  Mozambique Access Bank Mozambique [27]
Flag of Nigeria.svg  Nigeria Access Bank Nigeria
Flag of Rwanda.svg  Rwanda Access Bank Rwanda [5]
Flag of Sierra Leone.svg  Sierra Leone Access Bank Sierra Leone [21]
Flag of South Africa.svg  South Africa Access Bank South Africa
Flag of Tanzania.svg  Tanzania Access Bank Tanzania (Requires regulatory approval) [21]
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 [28]

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. [29] 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). [30]

See also

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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 Radio France Internationale (16 May 2023). "Leading Nigerian bank opens French subsidiary in Paris". Radio France Internationale . Paris, France. Retrieved 21 May 2023.
  3. ↑ "Access Bank grows customer base to 42 million". punchng.com. 20 January 2021. Archived from the original on 20 January 2021.
  4. 1 2 James Anyanzwa (3 November 2019). "Nigeria's biggest lender enters EA market to grow African footprint". The EastAfrican . Nairobi. Retrieved 31 August 2020.
  5. 1 2 3 Faith Ikade (3 June 2020). "Access Bank Becomes Major Shareholder In Its Rwanda Subsidiary". Lagos: Ventures Africa. Retrieved 31 August 2020.
  6. ↑ "Access Bank takes top spot as Nigeria's biggest bank by asset". premiumtimesng.com. April 2021. Archived from the original on 1 April 2021.
  7. ↑ "Access Bank Total Assets Hits N10.05trn, Declares N0.30 Interim Dividend". thisdaylive.com. 3 September 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% 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. 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. ↑ "Nigeria's Biggest Bank Picks Eight Countries for Expansion". bloomberg.com. 19 January 2021. Archived from the original on 11 February 2021.
  21. 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.
  22. ↑ Caleb Nnamani (14 July 2023). "Access Bank to acquire Standard Chartered's subsidiaries in sub-Saharan Africa". TechCabal. Lagos, Nigeria. Retrieved 31 July 2023.
  23. ↑ "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.
  24. 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.
  25. ↑ Ijaseun, David (2 June 2023). "Access Bank unveils initiative to ease Nigeria-France trade". Business Day nigeria.
  26. ↑ Diala, Sam (23 July 2023). "Access Corporation Plc: 5-Year Strategic Plan Shows Early Signs of Accomplishment". THE WILL.
  27. ↑ Adenuga, Adepeju (19 May 2021). "Access Bank acquires Mozambique's African Banking Corporation". Punch Nigera.
  28. ↑ Lusaka Times (7 August 2020). "Access Bank acquires Cavmont Bank Ltd". Lusaka Times. Retrieved 1 September 2020.
  29. ↑ Abiola Odutola (15 February 2020). "Access Bank moves headquarters to Oniru, Lagos". Ikeja, Lagos, Nigeria: Nairametrics.com. Retrieved 31 August 2020.
  30. ↑ Google (31 August 2020). "Location of headquarters of Access Bank Group" (Map). Google Maps . Google. Retrieved 31 August 2020.
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