With the completion of its transition from a commercial banking group to a holding company (holdco), Nigeria’s leading tier 1 bank – Access Bank Plc – is set to venture into other financial services and non-finance businesses.
The transition has given the bank, which has well-established subsidiaries in not less than 12 African markets and the United Kingdom, a new status.
It can now expand its coast beyond the commercial banking franchise.
Access Bank, the precursor of Access Holdings, is known for its deft acquisition deals and many analysts see the new holdco playing major roles in shaping the African economic landscape. The group has already hinted it intends to play leading roles in retail payment, financial technologies (fintechs) and specialised financial vehicles, among others.
The immediate members of the holdco include the flagship Access Bank Plc and its former subsidiaries including Access Bank (Gambia) Limited; Access Bank (Sierra Leone) Limited; Access Bank (Rwanda) Plc; Access Bank (Zambia) Limited; Access Bank (R.D Congo) S.A.R.L; Access Bank (Ghana) Plc; Access Bank (Guinea) S.A; The Access Bank (UK) Limited; Access Bank (Mozambique) S.A; Access Bank Kenya Plc; Access Bank (South Africa) Limited; and African Banking Corporation of Botswana Limited.
Access Bank was delisted while the new holdco, Access Holdings (Accesscorp) was immediately listed on the Nigerian Exchange (NGX) yesterday. Dr Herbert Wigwe, the former group managing director of Access Bank, is now the group managing director of Access Holdings Plc.
The board of directors of the Access Holdings announced key management positions for its new flagship subsidiary, Access Bank Plc, naming Mr. Roosevelt Ogbonna as the managing director.
Others also announced are: Mr. Victor Etuokwu (deputy managing director, Retail, North for Access Bank and Mrs. Chizoma Okoli (Deputy Managing director, Retail, South).
A total of 35.545 billion shares of Access Bank was delisted and relisted in the name of Access Holdings, after same duly credited to shareholders in proportion to their holdings, as sanctioned by the scheme of arrangement for the transition.