Access Bank (Nigeria)
| Type | Public |
|---|---|
| Industry | Banking |
| Founded | 1989 |
| Headquarters | 1665 Oyin Jolayemi Street, Victoria Island, Lagos, Nigeria |
| Key people | Aigboje Aig-Imoukhuede, Group Managing Director and Chief Executive Officer, Herbert Wigwe, Group Deputy Managing Director |
| Products | Loans, Credit Cards, Savings, Investments, Mortgages |
| Total assets | US$9.5 billion+ (2010) |
| Employees | 1,430+ |
| Website | Homepage |
Access Bank Plc., commonly known as Access Bank, is a commercial bank in Nigeria. The bank is one of the leading financial services providers in Nigeria, with an asset base in excess of US$4.8 billion, as of May 2009.[1]
Contents |
[edit] Locations
The bank's headquarters is located in Lagos, Nigeria's commercial capital. Access Bank has in excess of 118 bank branches in Nigeria's major commercial centers.
Starting in 2007, Access Bank began an International expansion drive. As of May 2009, it has subsidiaries in Burundi, the Democratic Republic of the Congo, The Gambia, Ivory Coast, Rwanda, Sierra Leone, United Kingdom, and Zambia.
- Côte d'Ivoire — Omnifinance Bank.[2]
- Democratic Republic of the Congo - Banque Privée du Congo.[3]
- Rwanda — Access Bank Rwanda.[4]
- Sierra Leone — Access Bank Sierra Leone has a head office and one branch.
- The Gambia - Access Bank Gambia[5]
- Ghana - Access Bank Ghana
- Sierra Leone - Access Bank Sierra Leone
- United Kingdom - Access Bank has a head office and one branch.
- Zambia - Access Bank Zambia
- Burundi - Finbank Burundi[6]
[edit] History
The bank received its license from the Central Bank of Nigeria in 1989, and listed on the Nigerian Stock Exchange in 1998.
- 2002: Access Bank was taken over by a core of new management lead by Aig and Herbert.
- 2005: Access Bank acquired Marina Bank and Capital Bank (the former Commercial Bank (Crédit Lyonnais Nigeria)) by merger.
- 2007: Access Bank established a subsidiary in Banjul, The Gambia. This bank now has a head office and four branches, and the bank has pledged to open another four branches.
- 2008: Access Bank acquired 88% of the shares of Omnifinance Bank, which was established in 1996. It also acquired 90% of Banque Privée du Congo, which South African investors had established in 2002. Access Bank acquired 75% of the shares of Bancor SA, in Rwanda. Bancor had been established in 1995 and reorganized in 2001. In September Access Bank opened a subsidiary in Freetown, Sierra Leone, and then in October, the bank opened subsidiaries in Lusaka, Zambia and in London, United Kingdom.
- 2009: Finbank (Burundi) joined the Access Bank network
- 2011: Access Bank in talks with the Central Bank of Nigeria to acquire Intercontinental Bank Plc.
- Further to the approval of the shareholders of both banks, court sanction of the Federal High Court of Nigeria and approval of the Central Bank of Nigeria and the Securities & Exchange Commission, Access Bank Plc (“Access”) and Intercontinental Bank Plc (“Intercontinental Bank”) announce the completion of the recapitalization of Intercontinental Bank and the acquisition of 75% majority interest in Intercontinental Bank by Access Bank Plc. Effective today, Intercontinental Bank (including all its assets, liabilities and undertakings) becomes a subsidiary of Access Bank Plc.
The combined effect of the restoration of Net Asset Value (NAV) to zero by AMCON and N50billion capital injection by Access Bank Plc is that Intercontinental Bank now operates as a well capitalized bank, with shareholders funds of N50billion and Capital Adequacy Ratio (CAR) of 24%, well above the 10% regulatory threshold.
[edit] Access Bank Group
Access Bank Plc. is the flagship company of the financial conglomerate known as Access Bank Group. The member companies of the group include the following businesses: [7] The stock of the Group trades on the Nigerian Stock Exchange (NSE), under the symbol: ACCESS.[8]
- Access Bank Plc. - Nigeria
- Omnifinance Bank - Côte d'Ivoire[2]
- Banque Privée du Congo - Democratic Republic of the Congo[3]
- Access Bank Rwanda - Rwanda[4]
- Access Bank Sierra Leone - Sierra Leone
- Access Bank Gambia - The Gambia[5]
- Access Bank United Kingdom - United Kingdom
- Access Bank Zambia - Zambia
- Finbank Burundi - Burundi[6]
- Access Bank Ghana - Ghana
- United Securities Limited - Nigeria
- Access Homes & Mortgages Limited - Nigeria
- Access Investment & Securities - Nigeria
[edit] See also
[edit] References
- ^ Access Bank Total Assets
- ^ a b Bienvenue à Omnifinance (French)
- ^ a b Banque Privee Du Congo
- ^ a b Access Bank (Rwanda) Limited
- ^ a b Access Bank (Gambia) Limited
- ^ a b Finbank becomes part of Access Bank
- ^ Member Companies of Access Bank Group
- ^ Access Bank Trades Under Symbol: ACCESS on Nigerian Stock Exchange
