Banking
Access Bank UK’s Investment in Dubai Buoys Income by 200%
By Modupe Gbadeyanka
The United Kingdom subsidiary of Access Bank Plc has continued to soar higher, recording double-digit growth across all its four strategic business units.
For example, Access Bank UK said its balance sheet appreciated in the year by 36 percent, with its investment in Dubai returning a whopping 200 percent increase in income.
Also, the lender, which has its parent company in Nigeria, said in a statement that for the 11th year running, it did not record any non-performing loans, with corporate responsibility and exemplary corporate governance playing a key role in its growth.
According to Managing Director of Access Bank UK, Mr Jamie Simmonds, “We are a bank where our growth has been fuelled by the strength of customer relationships.
“It enables us to develop innovative products and financial solutions with rather than just for our customers.
“Becoming a UK clearer is a major landmark for us and differentiates us from many of our competitors in the market place.
“We also manage our retail deposit offering in-house for greater control with both initiatives forming part of our strategy to future proof the bank.”
He further said, “We have offices here in the heart of the City of London, Dubai and Lagos and are building our presence in China through a representative office there.”
“We invest significantly in attracting, retaining and developing professional staff in order to ensure customers always deal with an expert who is familiar with their business and personal financial needs.”
Over the weekend, the annual Access Bank Polo Day was held in London and was the culmination of a year-long programme, part of its fund raising in partnership with UNICEF for education projects in northern Nigeria in particular.
A total of N350 million (UD$970,000) were pledged during the day to build and equip 70 new classrooms, for children’s education in Northern Nigeria.
“Since the UNICEF/Access Bank initiative was started in 2005 it has built schools in Kaduna and, kept more than 8000 students in continuous education.
“At the same time new school blocks and a computer literacy building all in a more secure and friendly school environment have been developed.
“The communities surrounding the schools are being supported with bore-holes for water, and sewing and grinding machines to secure employment and stimulate economic and social development,” a statement issued by the company said.
Kaduna State Governor, Nasir El-Rufai had committed to match the building programme which would see another 70 class rooms built in the coming year and another 2500 children in education.
“The annual event is the climax to the high-profile Access Bank/UNICEF Charity Shield Polo tournament, and celebrates reaching out to and highlighting the plight of vulnerable children and orphans and internally displaced persons.
“In partnership with 5th Chukker and based in Kaduna, Nigeria, the tournament is the biggest charity polo tournament in Africa and generates funds and stimulates support for the work of the UNICEF/Access Bank initiative across Africa,” the statement added.
Chairman of Access Bank UK Limited, Mr Herbert Wigwe, while commenting on the initiative, said, “Together our continuing support for the Fifth Chukker -UNICEF initiative is predicated on our view of our role as a change agent in Nigeria and Africa that can help institute socio-economic development through responsible business practice, social initiatives and environmental consideration.”
“We continue to look for ways through which more resources can be pooled towards supporting the children. We are part of the community and as such should support its wellbeing.”
By Adedapo Adesanya
Access Bank Plc, the banking subsidiary of Access Holdings Plc, has entered into a binding agreement with South African-based Bidvest Group Limited for the acquisition of 100 per cent equity stake in Bidvest Bank Limited.
The deal for the 24-year-old South African lender is due to be completed in the second half of 2025, upon regulatory approval.
This shows Access Bank’s further expansion plans in line with goals set by its late founder, Mr Herbert Wigwe.
The agreement to acquire 100 percent stake in Bidvest Bank reflects Access Bank’s commitment to strengthening its footprint in South Africa and consolidating on its position as the continent’s gateway to global markets as it seeks to optimise the benefits of recent acquisitions and accelerate its transition towards a greater focus on efficiencies.
Bidvest Bank, founded in 2000 is a niche and profitable South African financial institution providing a diverse range of services, including corporate and business banking solutions and diverse retail banking products.
As of its year ended June 2024, Bidvest Bank reported total assets equivalent of $665million and audited profit before tax of $20million.
Upon conclusion of this acquisition, Bidvest Bank will be merged with the bank’s existing South African subsidiary to create an enlarged platform to anchor the regional growth strategy for the SADC region.
This is coming just as the bank opened a new branch in Malta as part of efforts to focus on international trade finance after obtaining a banking licence from the European Central Bank (ECB) and the Malta Financial Services Authority (MFSA).
Access Bank said the licence marks a transformative milestone in bolstering Europe-Africa trade flows.
The Maltese branch was established by Access Bank UK Limited, the subsidiary of Access Bank Plc, which is also the subsidiary of Access Holdings Plc, which is listed on the Nigerian Exchange (NGX) Limited.
By Modupe Gbadeyanka
To strengthen Europe-Africa trade ties, Access Bank has opened a new branch in Malta. It will focus on international trade finance, employing approximately 30 people in its initial phase, with plans for controlled expansion over time.
It was learned that this Maltese branch was established by Access Bank UK Limited, the subsidiary of Access Bank Plc, which is also the subsidiary of Access Holdings Plc, which is listed on the Nigerian Exchange (NGX) Limited.
Access Bank Malta Limited commenced operations after obtaining a banking licence from the European Central Bank (ECB) and the Malta Financial Services Authority (MFSA).
Access Bank said the licence marks a transformative milestone in bolstering Europe-Africa trade flows.
Malta, a renowned international financial centre, and a gateway between the two continents, is strategically positioned to play a pivotal role in advancing commerce and fostering economic partnerships.
This strategic expansion into Malta enables The Access Bank UK Limited to leverage growing trade opportunities between Europe and Africa.
It underscores the organisation’s commitment to driving global trade, financial integration, and supporting businesses across these regions.
“By establishing operations in Malta, we will gain a foothold in a market that bridges European and North African economies, moving us one step closer to our goal of becoming Africa’s Gateway to the World.
“It further enhances our bank’s capacity to support clients with innovative solutions tailored to cross-border trade and investment opportunities,” the chief executive of Access Bank, Mr Roosevelt Ogbonna, stated.
“Europe has emerged as Africa’s leading trading partner, driven by initiatives such as the Economic Partnership Agreements between the EU and African regions and the African Continental Free Trade Area (AfCFTA).
“With Europe-Africa economic relations entering a new phase, The Access Bank Malta Limited is ideally positioned to deepen trade and meet the financing and banking needs of our clients in these expanding markets,” the chief executive of Access Bank UK, Mr Jamie Simmonds, commented.
Also speaking, the chief executive of Access Bank Malta, Renald Theuma, said, “Malta is uniquely positioned as a bridge between Europe and Africa, making it an ideal location for our subsidiary. This move allows The Access Bank Malta Limited to engage more closely with customers in Europe and deliver tailored financial solutions that drive growth and connectivity across both continents.”
By Adedapo Adesanya
The International Finance Corporation (IFC) and Goldman Sachs have announced a new partnership with African banks, including Nigeria’s Zenith Bank and Stanbic IBTC Nigeria to support the Goldman Sachs 10,000 Women initiative, a joint programme launched in 2008 to provide access to capital and training for women entrepreneurs globally.
The two Nigerian banks are part of nine financial institutions from across Africa which have agreed to join the 10,000 Women initiative committing to leverage the business education and skills tools the programme provides to create more opportunities for women entrepreneurs across the continent by providing access to business education.
Others banks include Stanbic Bank Kenya, Ecobank Kenya, Ecobank Cote d’Ivoire, Equity Bank Group, Banco Millenium Atlantico – Angola, Baobab Group, and Orange Bank.
Speaking on this, Ms Charlotte Keenan, Managing Director at Goldman Sachs said – “10,000 Women has had a powerful impact to date, but we know that there are more women to reach and more potential to be realized.
“We are delighted to partner with IFC to supercharge the growth of women-owned businesses across Africa, and mainstream lending to female business leaders. We remain committed to supporting entrepreneurs with the access to education and capital that they need to scale.”
Since 2008, the 10,000 Women initiative has provided access to capital and business training to more than 200,000 women in 150 countries.
“This expanded initiative marks a significant step forward in creating equitable economic opportunities for women in Africa, enabling them to build stronger, more resilient businesses and to realize their entrepreneurial goals,” said Ms Nathalie Kouassi Akon, IFC’s Global Director for Gender and Economic Inclusion.
Goldman Sachs’ 10,000 Women initiative complements the Women Entrepreneurs Opportunity Facility (WEOF), launched in 2014 by Goldman Sachs and IFC as the first-of-its-kind global facility dedicated to expanding access to capital for women entrepreneurs in emerging markets.
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