Banking
Access Bank Mulls New Corporate Identity
By Dipo Olowookere
The corporate identity of Access Bank Plc may have to change after the conclusion of its merger with Diamond Bank Plc in June 2019, Business Post has learnt.
This hint was dropped by the CEOs of Access Bank and Diamond Bank, Mr Herbert Wigwe and Mr Uzoma Dozie respectively at a forum held in Lagos recently
While addressing customers of the financial institution, Mr Dozie said Access Bank will retain its name after the merger, while Diamond Bank will definitely lose its. However, he disclosed that the new corporate identity of the new enlarged bank will reflect individual identities of the two merging lenders.
Late last year, Diamond Bank, a tier-1 one lender and Access Bank, a tier-2 financial institution, confirmed that they were coming together to become one. This came after both companies had initially denied media reports that they were planning such move.
At the customer forum in Lagos, Mr Dozie, while responding to a question on whether the enlarged bank will have a new name, said, “I believe that the name will be Access Bank, but the identity will be the one that is recognised by both Access Bank and Diamond Bank.
“So, it will be……just as we have come here today to inform you of what we are doing and get your feedback, we are also going to have a customer forum to help us decide what is the best identity that when people see, they will say this is Diamond Bank, this is Access Bank.”
Giving more insight into Mr Dozie’s point, Mr Wigwe said, “Let me just add to that point, if you go to global banks like Barclays Bank and HSBC that have gone through mergers and acquisitions, you can keep an identity, but you can also make sure you reflect the identity of the different institutions and what they do.
“So, the retail will look like what you see in Diamond Bank so you don’t lose your connection; that is how it happens.
“If you look at the corporate logo and how things will come out, you will not see that you’ve not lost anything.
“Same thing for Access Bank customers, because you know we were also at the corporate end. We also have to be mindful of these customers as well.
“So, we have to do something that will sit nice for Access Bank customers and also sit nice for the retail business of Diamond Bank.”
At the moment, Access Bank logo has ‘access’ written in white colour on a blue background strip with three orange colour ‘>’ sign placed at the end of the word (access>>>).
Business Post reports that both shareholders of Diamond Bank and Access Bank have not approved the merger yet as well as the various regulatory agencies.
By Aduragbemi Omiyale
The successful N351 billion rights issue through the Nigerian Exchange (NGX) digital capital raising platform known as NGX Invest has excited Access Holdings Plc.
The chairman of the firm, Mr Aigboje Aig-Imuokhuede, said the innovative platform allowed shareholders to acquire additional shares of the organisation without stress.
Access Holdings recently completed the capital raising to enable its banking arm, Access Bank Plc, to meet the new minimum capital requirement for lenders with international operations of N500 billion.
After the bank got N351 billion from the exercise, its capital base rose to N600 billion, surpassing what the Central Bank of Nigeria (CBN) asked for its category.
“By leveraging the NGX’s E-offering platform – NGX Invest, the Company provided its shareholders with a seamless, efficient, and convenient subscriber experience significantly reducing barriers and democratizing participation in the rights issue,” Mr Aig-Imuokhuede said.
In an article published by the World Federation of Exchanges, the chief executive of NGX Group Plc, Mr Temi Popoola, had emphasised that the platform was at the core of NGX Group’s digital strategy, stating that it was designed to streamline the distribution of securities in the Nigerian capital market.
“Its user-friendly interface allows investors to onboard seamlessly and verify their identities through the Nigeria Inter-Bank Settlement System (NIBSS), using their Bank Verification Number (BVN).
“With NGX Invest, the traditionally complex and time-consuming process of investing is reduced to a few clicks, making it easier for investors across Nigeria, including those in underserved areas, to participate in the capital market,” he stated.
The success of Access HoldCo’s capital raise, making it the first bank to officially comply with the CBN’s banking recapitalisation directive, is a key social proof and testament to the robustness of NGX Invest and demonstrates the potential of NGX Group’s platform to support the growth and business goals of its issuers.
By Aduragbemi Omiyale
A leading financial solutions provider in Nigeria, Greenwich Group, is looking to spread its tentacles to pension fund administration (PFA), insurance and financial technology (fintech) services.
To expand into these sectors, the firm, which celebrated 30 years of delivering innovative financial solutions a few days ago, has received an Approval-in-principle (AIP) from the Central Bank of Nigeria (CBN) for a non-operating financial holding company structure.
The chairman of Greenwich Group, Mr Kayode Falowo, expressed profound gratitude to God and the company’s stakeholders for their support.
At the event, the firm, formerly known as Greenwich Trust Limited, said it has continued to build on the legacy of the late (Sir) Remi Omotosho’s good governance, integrity, and professionalism, as he was part of the journey of the company while alive.
The chief executive of Greenwich Merchant Bank, Mr Benson Ogundeji, attributed the success of the past decade to the unwavering support and guidance of the chairman which has been instrumental to the growth of the institution, the commitment of the staff, and the unwavering faith of the esteemed shareholders in the company’s vision, as their continued patronage has been fundamental to Greenwich’s success.
On his part, the Governor of Ogun State, Mr Dapo Abiodun, commended Mr Falowo for demonstrating exemplary leadership and commitment to excellence in his role for spearheading the remarkable traits that have significantly contributed to the growth and success of the Institution.
“We are celebrating the testament of the triumph of tenacity, which is predicated on faith, hope, and fortitude. Kayode is dependable, reliable, and very consistent. Kayode upholds all the attributes of good governance. He has demonstrated himself to be a good manager of human and financial resources over the years. I am convinced that your best is yet to come,” he added.
Business Post reports that the organisation transitioned from its early days as a Financial Adviser and Issuing House into a Merchant Bank.
In March 2024, Greenwich Merchant Bank was granted an AIP by the CBN for a non-operating financial holding company structure.
Today, Greenwich Merchant Bank is the most capitalized Merchant Bank in Nigeria, with a strong asset base of N146 billion as of June 30, 2024.
At the 30th anniversary dinner held in Lagos, the company awarded a posthumous award for leadership of N50 million to the late Mr Omotosho.
The best staff across the Greenwich Group, Mrs Yakashim Shettem, also received the Kayode Falowo Award for Excellence.
By Modupe Gbadeyanka
Stanbic IBTC Bank has solidified its position as the leading bank for capital importation in Nigeria, capturing an impressive 28.30 per cent of total foreign capital inflows in the first nine months of 2024, according to data from the Central Bank of Nigeria (CBN).
The central bank said the subsidiary of the Standard Bank Group attracted approximately $2 billion in capital imported in the period under review, demonstrating its performance during the pivotal year of 2020, which was marked by unprecedented global economic challenges.
The parallel with 2020 is particularly significant, coinciding with the onset of the COVID-19 pandemic, which significantly impacted Foreign Direct Investments (FDI) and Foreign Portfolio Investments (FPI).
Stanbic IBTC Bank weathered this storm and strategically positioned itself to capitalise on the post-pandemic economic recovery.
The lender rapidly digitised its banking operations, maintained robust risk management protocols, and supported clients through unprecedented economic uncertainty while leveraging technology to maintain seamless international financial connections.
With approximately $2 billion in capital importation, Stanbic IBTC Bank has demonstrated its ability to attract international investments during a critical economic reconstruction period.
This performance surpasses its 2023 figures of $919 million, highlighting the Bank’s growing global credibility.
At the heart of this success lies the organisation’s Fitch Triple A ratings for the Holding Company and the Bank subsidiary, which offer investors a beacon of stability in an uncertain global financial landscape.
“We are incredibly proud of what we have achieved with this milestone, as our performance in capital importation goes beyond mere financial metrics; it reflects our strong commitment to making Nigeria an attractive destination for global investors.
“By utilising our international networks and deep local expertise, we facilitate capital flows and actively reshape Nigeria’s economic narrative in the post-pandemic global landscape,” the chief executive of Stanbic IBTC Bank, Mr Wole Adeniyi, stated.
The financial institution’s strong affiliation with Standard Bank Group brings global expertise crucial for navigating post-pandemic economic complexities.
Its highly competent Corporate & Investment Banking team has been instrumental in strategically attracting international capital during economic reconstruction.
This leadership in capital importation reflects broader economic trends, facilitating international investment during global economic rebalancing, supporting Nigeria’s economic recovery, and bridging local economic needs with global investment opportunities.
The $2 billion capital importation in 2024 is not just a number but a narrative of resilience. Where 2020 represented a survival challenge, 2024 symbolises strategic triumph – transforming pandemic-induced disruptions into opportunities for growth and international financial reconnection.
Stanbic IBTC Bank is now positioned to potentially surpass other foreign-affiliated Banks in Nigeria as the primary conduit for foreign capital. This trajectory speaks volumes about its strategic adaptability in a post-pandemic world.
More than a financial achievement, this milestone represents a critical contribution to Nigeria’s economic renaissance. Stanbic IBTC Bank continues to play a pivotal role in driving economic progress and international investment appeal to Nigeria.
The organisation has effectively demonstrated how domestic financial institutions can survive global economic challenges and emerge as leaders in the global financial ecosystem.
-
Feature/OPED5 years agoDavos was Different this year
-
Travel/Tourism8 years ago
Lagos Seals Western Lodge Hotel In Ikorodu
-
Showbiz2 years agoEstranged Lover Releases Videos of Empress Njamah Bathing
-
Banking7 years agoSort Codes of GTBank Branches in Nigeria
-
Economy2 years agoSubsidy Removal: CNG at N130 Per Litre Cheaper Than Petrol—IPMAN
-
Banking2 years agoFirst Bank Announces Planned Downtime
-
Sports2 years agoHighest Paid Nigerian Footballer – How Much Do Nigerian Footballers Earn
-
Technology4 years agoHow To Link Your MTN, Airtel, Glo, 9mobile Lines to NIN