Connect with us

/">

BIG STORY

Access Bank Plc Announces Strategic Update And Transactions In Furtherance Of Its Vision To Be Africa’s Gateway To The World

Avatar

Published

on

Access Bank Plc (“Access Bank” or ‘’the Bank’’) announces today that it has received the Central Bank of Nigeria’s Approval-in-Principle for the Bank’s restructuring to a holding company (“HoldCo”).

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.

Access Bank also 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.

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. 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 the replication of investments in innovative products across a wider range of markets.

A broader and connected Africa network remains a core strategic focus for geographic earnings growth and diversification, which will further enhance profitability and risk metrics. Through these transactions, Access Bank will be well placed to promote regional trade finance and other cross-border banking services, further leveraging its presence in key global trade corridors in the UAE, the UK, China, Lebanon, and India.

Strategic Entry and Acquisition in Mozambique

Access Bank announces that it has received regulatory approvals to commence operations in Mozambique under the name Access Bank Mozambique, S.A. (“Access Bank Mozambique”).

Access Bank also announces that its subsidiary, Access Bank Mozambique, has entered into a definitive agreement with ABC Holdings Limited (“ABC Holdings”), a wholly-owned subsidiary of Atlas Mara Limited (“Atlas Mara”) to acquire African Banking Corporation (Moҫambique), S.A., (“BancABC Mozambique”) for cash, in a combination of definitive and contingent consideration.

This transaction will be funded from the capital invested by the Bank in Access Bank Mozambique and will result in the Access Bank Mozambique becoming the 7th largest bank in the country, up from the 20th. As an enlarged business, Access Bank Mozambique will have an enhanced capacity to play a more impactful role in the growth of the Mozambican economy, particularly in the emerging oil and gas sector, an industry that Access Bank has deep experience in.

The transaction is subject to regulatory approvals and customary conditions precedent.

 

Strategic Investment in South Africa

Building on its strategy of delivering a robust banking operation that connects key African markets, Access Bank has entered into a definitive agreement with GroCapital Holdings (“GroCapital”) to invest in Grobank Limited over two tranches. The first is an initial cash consideration for a 49% shareholding, increasing to a majority stake in the second tranche. Both tranches are subject to various regulatory approvals and the overall transaction subject to Grobank’s shareholder approvals.

GroCapital, whose shareholders include the Public Investment Corporation – Africa’s largest investment manager, and Fairfax Africa Holdings – a leading global investor, will retain an existing but diluted shareholding in Grobank.

A presence in South Africa will serve as a cornerstone for further momentum in delivering on Access Bank’s mission to be Africa’s Gateway to the World. The proposed transaction is expected to provide access to the largest banking market in Africa and enable Access Bank to consolidate its Southern African and broader African footprint with enhanced capabilities to fulfill the needs of multi-national clients.

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

These transactions will significantly strengthen our presence in Southern Africa and further our footprint for growth in the SADC region. With a broader presence across the continent, Access Bank will be better placed to support our customers who are increasingly looking towards intra Africa growth. The proposed transactions will accelerate the Bank’s momentum towards delivering world-class banking services to an expanded customer base across Africa. Our goal remains to reach and impact 100 million unique customers across the continent.’’

 

 

SUNDAY EKWOCHI

COMPANY SECRETARY

FRC/2013/NBA/00000005528

BIG STORY

BREAKING: Buhari Presides Over Security Council Meeting

Avatar

Published

on

The President, Major General Muhammadu Buhari (retd.), is currently presiding over a meeting of the National Security Council at the Council Chamber of the Presidential Villa, Abuja.

The meeting which started at about 11 am is holding amidst violence in parts of the country.

Vice-President Yemi Osinbajo; National Security Adviser, Major General Babagana Monguno (retd.); Chief of Defence Staff, General Gabriel Olonisakin; the Chief of Army Staff, Lieutenant General Tukur Buratai; Chief of Naval Staff, Vice Admiral Ibok Ekwe Ibas, and the Chief of Air Staff, Air Marshal Sadique Abubakar are among those in attendance.

Also present are the Inspector General of Police, Mohammed Adamu; Director-General of the Department of State Services, Yusuf Bichi; and Director-General, National Intelligence Agency, Ahmed Rufa’i.

Details later…

Continue Reading

BIG STORY

Video Footage Of Lekki Shooting Will Be Submitted To Judicial Panel —- Gov. Sanwo-Olu

Avatar

Published

on

Babajide Sanwo-Olu, governor of Lagos state, says the video footage of the shooting at Lekki tollgate will be submitted to the judicial panel on police brutality.

The governor said this during a live programme on ARISE TV on Thursday.

”Nobody ordered the removal of cameras at the Lekki tollgate. The MD of LCC said because of the curfew, they made the decision to take out installations,” he said.

”The cameras you saw are not security or motion cameras, they are laser cameras for vehicles. The security cameras are still available and we are using them for our security investigations.”

On Tuesday, soldiers opened fire on protesters who had converged on the tollgate to protest against police brutality.

The judicial panel was set up following protests against police brutality. It has already commenced sitting.

More to follow…

Continue Reading

BIG STORY

Buhari Must Address Nigerians, Senate Spokesperson, Ndume Insist

Avatar

Published

on

The Spokesperson for the Senate, Dr. Ajibola Basiru, and the Chairman, Senate Committee on Army, have asked the President, Major General Muhammadu Buhari (retd.), to comply with the National Assembly’s resolutions on the ongoing nationwide protests against police brutality and bad governance.

Part of the resolutions of the federal lawmakers included an appeal to Buhari to address the nation immediately on the issue.

Basiru and Ndume lamented the current situation in the country, especially the killing of innocent protesters by soldiers.

Ndume said, “I have monitored with shock and personal indignation, the turnout of events on the #EndSARS protest with evidence of obvious descent of the country, particularly in the South-West of Nigeria, after the reckless and disturbing incident at Lekki Tollgate on Tuesday evening.

“As a student, who was involved in several protests, I see no reason for the display of outright recklessness by shooting into unarmed protesters by whoever; governmental or otherwise.

“As an elected representative of the people of Osun Central in the Senate, I deprecate the clear lackadaisical attitude of the Federal Executive to the lingering anarchy and destruction of lives and property.

“At the sitting of the Senate on Tuesday, October 20, 2020, it was resolved that the President should address the nation, not knowing that the evening of that day will bring about more sinister dimensions to the already deteriorated situation.”

Ndume also insisted that Buhari must address the nation immediately in order to reduce the tension.

He said, “Mr President should talk to Nigerians. The Senate has passed a resolution, even though it is advisory, I think it is worth giving the necessary consideration. The parents of the protesting youths should also calm down their children.

“Those who are protesting now should know that the government has accepted their demands. They should be organized under a leadership, which will now follow up on the five-point demand, which the government is already considering.

“Any unconnected process without leadership would always end up in chaos,” he added.

Continue Reading




JoIn Us On Facebook


Live COVID-19 statistics for
World
Confirmed
41,220,369
Recovered
28,116,565
Deaths
1,131,337
Last updated: 5 minutes ago






Most Popular

COVID-19 LIVE UPDATE

BE SAFE, STAY AT HOME