· Access Bank targets the regional banking market as part of its five-year plan (2018-2022).
· Access owns 75 percent shareholding in its Rwandan subsidiary, which has eight branches across the country.
Early this year, on February 1, 2020, Access Bank Plc acquired the entire shareholding of Kenya’s Transnational Bank .it has now announced more than doubling of its investment in its Rwandan subsidiary which has eight branches across the country.
The bank’s latest financial statements for the first quarter (January-March) 2020, has revealed that the Access Bank has injected $9 million in additional capital into the Rwandan subsidiary. With the absorption of the additional capital, its investment in the bank stands at $13.32 million against $4.02 million accounting for 75 per cent of the share.
The move is part of its bid to boost the performance of its East African subsidiaries and consolidate its position in the regional banking industry. Strengthening of Its regional banking market is part of its five-year plan (2018-2022) to gear up its retail and whole sale banking business and position the institution as the world’s most respected African bank.
Access Bank Plc is the largest bank in Nigeria with a customer base of more than 36 million across the continent. It has a total asset base of more than $16.10 billion, with subsidiaries in the Democratic Republic of Congo, Gambia, Ghana, Nigeria, Rwanda, Sierra Leone, Kenya, Zambia and the UK. The bank also has representative offices in China, United Arab Emirates, Lebanon and India. In 2019, the Central Bank of Guinea gave its approval to Access bank to set up a subsidiary in the country through 100 per cent acquisition of a local bank at an estimated cost of $14 million. The bank is on the lookout for more acquisitions in African markets. Herbert Wigwe, Access Bank Group’s managing director and chief executive of the Access Bank said that the bank has plans to build a presence in key Eastern African countries as well as Asia.
