Access Bank Expands Operation, Plans To Launch in Asia in First Quarter of 2024

Access Bank Expands Operation, Plans To Launch in Asia in First Quarter of 2024

  • Nigerian lender Access Bank has announced plans to open a new branch in the Asia market
  • The move, Access Bank hopes, will help facilitate trade for Africans, especially Nigerian companies
  • Access Bank has footprints in several African countries such as Angola, Cameroon through the acquisition of local banks

Access Bank, one of Africa’s biggest banks, is set to open its first full banking service in Asia in the first quarter of 2024.

Herbert Wigwe, chief executive of Access Holdings, the parent company of Access Bank, disclosed this to Semafor Africa.

Access Bank opens new branch
Access Bank plans to open new branch Photo credit: Access Bank
Source: UGC

According to him, the plan is part of a wider global expansion target, including a strategy to expand more deeply into Francophone Africa and build closer ties with North Africa.

In May 2023, the bank started wholesale banking operations in London and Paris.

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Access Bank has used a wholesale banking model outside of Africa, a corporate-to-corporate approach rather than retail banking with individuals.

Access Bank expansion plan

Speaking on the latest plan, he said he and his team expect approval from monetary authorities.

Wigwe declined to confirm the country where the bank would launch to avoid preempting local regulators, Businessday reports.

He assured me that a new branch will definitely be in Asia by the first quarter of next year.

Access Bank footprint

Access Bank has expanded rapidly across the continent over the last five years.

Most recently, it acquired the banking operations of Standard Chartered in Angola, Cameroon, the Gambia, Sierra Leone, and Tanzania

10 banks deposit over N150bn in taxes to government account

Legit.ng earlier reported ten commercial banks operating in the country contributed over N155 billion in income tax payments to the coffers of the federal government of Nigeria for 2022.

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The amount marks a significant increase of 33.50% from the N116.54 billion paid by the banks during the previous fiscal year, as reported by their financial statements submitted to the Nigerian exchange.

The ten banks that made the list include Zenith Bank, GTCO, UBA, Stanbic IBTC Holdings, FCMB, Fidelity Bank, Sterling Bank, Wema Bank, Unity Bank, and Jaiz Bank.

Source: Legit.ng

Authors:
Dave Ibemere avatar

Dave Ibemere (Senior Business Editor) Dave Ibemere is a senior business editor at Legit.ng. He is a financial journalist with over a decade of experience in print and online media. He also holds a Master's degree from the University of Lagos. He is a member of the African Academy for Open-Source Investigation (AAOSI), the Nigerian Institute of Public Relations and other media think tank groups. He previously worked with The Guardian, BusinessDay, and headed the business desk at Ripples Nigeria. Email: dave.ibemere@corp.legit.ng.

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