Access Bank restructures to HoldCo, expands to Southern Africa

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Access Bank Plc yesterday announced that it has received the Central Bank of Nigeria’s approval-in-principle to restructure to a holding company (“HoldCo”).

 

The proposed HoldCo structure, according to the management, will enable the bank to further accelerate its objectives around business diversification, improved operational efficiencies, talent retention as well as robust governance.

It said further details regarding the HoldCo structure would be communicated to the market in due course.

The bank also announced definitive agreements to bolster its market position in Mozambique and enter the South African market.

RELATED NEWS:Access Bank building in Lagos on fire

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.

The management said these transactions would 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 said shareholders would 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.

READ ALSO:Access Bank acquires Kenya’s Transnational Bank

According to the management, 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,” the bank said in a statement.

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

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The bank equally announced 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 (Mo?ambique), S.A., (“BancABC Mozambique”) for cash, in a combination of definitive and contingent consideration.

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