Spread the love

Access Bank Plc said it has received the Central Bank of Nigeria’s Approval-in-Principle for the Bank’s restructuring to a holding company.

The proposed HoldCo structure would enable the bank to further accelerate its objectives around business diversification, improved operational efficiencies, talent retention as well as robust governance. Further details regarding the HoldCo structure will be communicated to the market in due course.

This is contained in a release signed by the bank’s secretary, Sunday Ekwochi, “The bank announces definitive agreements to bolster its market position in Mozambique and enter the South African market. This follows the recent transaction with Cavmont Bank in Zambia and further embeds the Bank’s presence in the SADC region, one of Africa’s most important trading blocs,” it stated.

In the South African markets, the bank disclosed that it has entered into a definitive agreement with GroCapital Holdings, to invest into Grobank Limited over two tranches, with an initial cash consideration for a 49 per cent shareholding, and an additional increase to a majority stake in the second tranche.

It stated that these transactions 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.

It added that 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 replication of investments in innovative products across a wider range of markets.

Speaking on these developments GMD/CEO, Access Bank, Herbert Wigwe, 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.

To him. “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.”