Access Bank Plc
| Public:NSE:ACCESS | |
| Industry | Banking |
| Founded | 1989 |
| Headquarters |
Plot 999c, Danmole Street Off Adeola Odeku/Idejo Street, Victoria Island, Lagos, Lagos State, Nigeria[1] |
Key people |
Aigboje Aig-Imoukhuede Former Group Managing Director and Chief Executive Officer, Herbert Wigwe Group Managing Director and Chief Executive Officer[2] |
| Products | Loans, Credit Cards, Savings, Investments, Mortgages |
| Total assets | US$12.6+ billion (NGN:2.02 trillion) (February 2012) |
Number of employees | 9,000+ |
| Website | Homepage |
Access Bank Plc, commonly known as Access Bank, is a Nigerian multinational commercial bank, owned by Access Bank Group.[3]
Locations
The bank's headquarters is located in Lagos, Nigeria's financial centre. Access Bank has in excess of 300 bank branches in Nigeria's major commercial centers.[4]
Overview
Access Bank is a large financial services provider, with an asset base in excess of US$12.6 billion (NGN:2.02 trillion), as of February 2012. The shareholders' equity in the bank is valued at approximately US$2.33 billion (NGN:373.5 billion)[5]
Starting in 2007, Access Bank began an International expansion drive. As of February 2012, it has subsidiaries in the Democratic Republic of the Congo, Ghana, Rwanda, Sierra Leone, The Gambia, United Kingdom, and Zambia.
- Democratic Republic of the Congo - Banque Privée du Congo.[6]
- The Gambia - Access Bank Gambia[7]
- Ghana - Access Bank Ghana
- Rwanda - Access Bank Rwanda.[8]
- Sierra Leone - Access Bank Sierra Leone
- United Kingdom - Access Bank has a head office and one branch.
- Zambia - Access Bank Zambia
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 led by Aigboje Aig-Imoukhuede and Herbert Wigwe.
- 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.
- January 2012: Access Bank announced the conclusion of its acquisition of the former Intercontinental Bank, creating an expanded Access Bank, one of the largest four commercial banks in Nigeria with over 5.7 million customers, 309 branches and over 1,600 Automated Teller Machines (ATMs).[9]
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: [10] The stock of the Group trades on the Nigerian Stock Exchange (NSE), under the symbol: ACCESS.[11]
- Access Bank Plc. - Nigeria
- Omnifinance Bank - Côte d'Ivoire[12]
- Banque Privée du Congo - Democratic Republic of the Congo[6]
- Access Bank Rwanda - Rwanda[8]
- Access Bank Sierra Leone - Sierra Leone
- Access Bank Gambia - The Gambia[7]
- Access Bank United Kingdom - United Kingdom
- Access Bank Zambia - Zambia
- Finbank Burundi - Burundi[13]
- Access Bank Ghana - Ghana
- United Securities Limited - Nigeria
- Access Homes & Mortgages Limited - Nigeria
- Access Investment & Securities - Nigeria
See also
References
- ↑ http://www.accessbankplc.com/Pages/page.aspx?value=45
- ↑ Key People At Access Bank Plc.
- ↑ List of Licensed Commercial Banks
- ↑ Corporate Profile
- ↑ Financial Data As of February 2012
- 1 2 Banque Privee Du Congo
- 1 2 Access Bank (Gambia) Limited
- 1 2 Access Bank (Rwanda) Limited
- ↑ Access Bank Completes Acquisition of Former Intercontinental Bank
- ↑ Member Companies of Access Bank Group
- ↑ Access Bank Trades Under Symbol: ACCESS on Nigerian Stock Exchange
- ↑ Bienvenue à Omnifinance (French)
- ↑ Finbank becomes part of Access Bank