Ayodeji Ayenuwa
Access Bank, Nigeria’s largest lender, has announced plans to launch its first full banking service in Asia in early 2024.
CEO Herbert Wigwe expressed confidence in securing regulatory approval “on this side of Christmas,” marking a crucial step in the bank’s global expansion strategy.
Wigwe emphasized the importance of this move as part of the bank’s strategy to deepen its presence in key regions. “We will definitely be in Asia by the first quarter of next year,” he stated, reflecting the bank’s timeline for the expansion.
This move aligns with the bank’s overarching plan, extending beyond Asia to include more engagement in Francophone Africa and strengthening ties with North Africa.
Access Bank has already established wholesale banking operations in London and Paris, a testament to its rapid growth strategy.
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Access Bank’s journey since its establishment from a small Nigerian operator to the leading banking group in the country is emphasized by its 16% representation of the national banking system’s assets as of the close of 2022.
The recent acquisition of Standard Chartered’s operations in Angola, Cameroon, The Gambia, Sierra Leone, and Tanzania exemplifies the bank’s aggressive acquisition approach.
Financially, Access Bank has demonstrated substantial growth, with total assets reaching 21.3 trillion naira ($26.5 billion) as of September 2023.
The bank’s share price doubled on the Lagos stock exchange throughout the year, resulting in an impressive market capitalization of approximately 614 billion naira ($762 billion).
Wigwe’s vision for Access Bank extends beyond mere expansion. He articulated the bank’s commitment to being a global player, stating, “We will be in London, we will be in the US, we will be in Hong Kong, we will be in all of these markets to make sure that our people cannot be disintermediated.”
The expansion into Asia follows a series of acquisitions and subsidiary openings in various African countries.
Techrectory with Agency Report.
