Access Bank Obtains CBN’s Approval to Restructure, Makes More Investments
Nigeria’s largest bank by total assets, Access Plc said it has obtained the Central Bank of Nigeria’s approval in principle to restructure to a holding company.
The group made the disclosure in a statement submitted to the Nigerian Stock Exchange Tuesday, as it hinted stakeholders about it strategic entry into Mozambique, South Africa.
Access said the proposed holding company structure would enable the bank to further accelerate it objectives around business diversification.
This is also targeted at improving lender’s operational efficiencies, talent retention as well as robust governance.
It however stated that further detail regarding the restructure will be communicated to the market in due course.
Meanwhile, lender also announced definitive agreement to bolster its market position in Mozambique and enter South Africa economy.
According to the group, the move follows the bank recent transaction with Cavmont bank in Zambia which further embeds lender’s presence in SADC region, one of the Africa’s most important trading blocs.
Access Bank said these transactions will result in a more connected African banking networks that builds on its existing foundation and enhance value proposition to its stakeholders.
“Shareholders will benefit from the economies of scale of a larger banking network, including associated cost efficiencies arising from federated IT system and replication of investment in innovative products across a wider range of market”, the bank said.
The lender explained that a broader and connected Africa network remains a core strategic focus for geographic earnings growth and diversification to enhance profitability and risk metrics.
The statement reads that through these transactions, Access Bank will be well place to promote regional trade finance and other cross border banking services.
With this, the bank intends to further leveraging its presence in key global trade corridors in the UAE, the United Kingdom, China, Lebanon and India.
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Access Bank Obtains CBN’s Approval to Restructure, Makes More Investments
