Access Bank Plc yesterday announced that it had received the Central Bank of Nigeria’s approval in principle for the bank’s restructuring to a holding company. The proposed holding company structure would enable the bank to further accelerate its objectives around business diversification, improved operational efficiencies, talent retention as well as robust governance.
The bank in a statement signed by the Company Secretary, Sunday Ekwochi, also announced 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 the Africa’s most important trading blocks. These transactions will results 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 replication of investment in innovative products across wider range of markets.
Access Bank also announced that it has received regulatory approvals to commence operations in Mozambique under the name Access bank Mozambique, S.A. The bank also noted that building on its strategy of delivering robust banking operations it has entered into a definitive agreement with GroCapital Holdings to invest into Grobank Limited over two tranches.
The first is an initial cash consideration for a 49 per cent shareholdings, increasing to a majority stake in the second tranch. Both tranches are subject to Grobank’s shareholders approvals.