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Access Bank has joined the list of growing banks in Nigeria, that seeks to diversify and restructure its operations into a holding structure. The bank announced its Approval-in-Principle from the Central Bank of Nigeria (CBN) to restructure into a holding company.
This is contained in a press release signed by the Bank’s secretary, Sunday Ekwochi and made public recently. The proposed holding company structure would enable the bank to further accelerate its objectives around business diversification, improved operational efficiencies, talent retention, and robust governance.
In addition, the bank also disclosed its intent in expanding its territory within the African space, by bolstering its market in Mozambique and South Africa. This is sequel to the bank’s recent transaction with Cavmont Bank in Zambia, and further embeds the bank’s presence in the SADC region.
As regards the expansion in Mozambique, the disclosure revealed that Access Bank has received regulatory permission to operate in Mozambique, under the name ‘Access Bank Mozambique’. The subsidiary also entered into an agreement with ABC Holdings Limited, to acquire African Banking Corporation (BancABC Mozambique) for cash, in a combination of definitive and contingent consideration.
In the South African markets, the Bank disclosed that it has entered into a definitive agreement with GroCapital Holdings, to invest into Grobank Limited over two tranches, with an initial cash consideration for a 49% shareholding, and an additional increase to a majority stake in the second tranche.
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