Access Bank Plc Gets Approval to Become a Holding Company, Begins Operation in Mozambique

Tier-1 Nigerian bank, Access Bank Plc, has obtained regulatory approval from the Central Bank of Nigeria (CBN) to re-structure into a holding company. This development was disclosed to the public via a corporate action that was signed by the Company Secretary (Sunday Ekwochi), as seen on the Nigerian Stock Exchange website.

According to Access Bank, the approval to transition into a holding company will enable it to accelerate its diversification efforts and improve operational efficiency amongst other objectives.

“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 will enable the Bank to further accelerate its objectives around business diversification, improved operational efficiency, talent retention as well as robust governance. Further details regarding the HoldCo structure will be communicated in due course,” part of the statement said.

Access Bank is Set to Bolster its presence in Mozambique 

Access Bank also announced that it now has received regulatory approval to operate in Mozambique under the name Access Bank Mozambique S.A. In the meantime, Access Bank’s Mozambican subsidiary has reached a “definitive agreement” with ABC Holdings Limited (a subsidiary of Atlas Mara Limited), to acquire African Banking Corporation.

The Bank is also Looking at South Africa

As part of efforts to consolidate on its presence in the Southern Africa region thereby becoming a truly Pan-African bank, Access Bank also disclosed that it also entered into a definitive agreement with South Africa’s GroCapital Holdings to invest in Grobank Limited. The number of shares to be purchased by Access Bank was not disclosed, although the statement did mention that GroCapital will “retain an existing but diluted shareholding in Growbank”.

It should be recalled that Access Bank Plc recently acquired Zambia’s Cavemont Bank as part of its efforts to position itself as a major player in the SADC region.

Chief Executive Officer, Herbert Wigwe, commented on the latest developments saying that “these transactions will definitively 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.”