Access Bank Group

As of 30 June 2024, Access Bank Group announced total assets of NGN 36.5 trillion (approx. US$22.419 billion), with shareholders' equity of NGN 2.8 trillion (approx. US$1.72 billion).^[2] As of that time, the group maintained operational banking subsidiaries in 20 countries in Sub-Saharan Africa, Europe and the Middle East.^[2]

In 2018, Access Bank Nigeria, which accounts for approximately 75 percent of the groups assets, agreed to merge with Diamond Bank, another Nigerian commercial bank that was struggling to maintain regulatory capital ratios.^[8][9] The transaction required regulatory and shareholder approval from both banks.^[10] The merger was completed in March 2019. The combined bank retained the name Access Bank Nigeria.^[11]

On 24 October 2021, Access Bank announced it has entered a binding pact to merge its Zambian unit with African Banking Corporation Zambia Limited in a planned reformation coming barely 9 months after it bought the subsidiary. The agreement confirms Access Bank's will to broaden its presence in the Southern African country to 70 branches and agencies, customer base to 300,0000, and total assets with a value in the neighbourhood of US$1 billion through the combined entity.^[12]

On mid-October 2021, Access Bank announced that the group has finalised the acquisition of 78.15 percent shareholding in the African Banking Corporation of Botswana, otherwise known as BancABC Botswana.^[13]

On 4 October 2021, the group issued a $500 million Eurobond, priced at 9.125 percent. According to Access Bank Group, this additional Tier One Eurobond which is issued under the bank's medium term note programme is a Basel III compliant Perpetual Non-Call 5.25-year Subordinated Note to be heated on the London Stock Exchange. The Eurobond may be called anytime from 7 October 2026, subject to conditions including the Central Bank of Nigeria's approval.^[14]

The bank was founded in 1988 and incorporated as a private commercial bank in February 1989. It actually began operations on 11 May 1989, establishing its first office located at Burma Road in the Apapa district of Lagos.

In March 1998, Access Bank changed its legal status and became a public limited company and in the same year, on 18 November, entered the Nigeria Stock Exchange.

In 2002, Aigboje Aig-Imoukhuede was appointed managing director and Herbert Wigwe, Deputy Managing Director, with the mandate of raising the bank from 65th place to the top 10 in 2007.

In 2003, Access Bank raised more than NGN 14.5 billion with a public offering, registering a 133% oversubscription. The same year, the bank received the Hewlett Packard Award for the best implementation of a basic banking application (Flexcube 6.2) in West Africa. The following year, Access Bank acquired Capital Bank and Marina Bank through a merger by absorption and integration.^[15]

During 2007, Access Bank became the first Nigerian bank to introduce Visa credit cards in Nigeria^[16] and achieved EMV certification for the multi-card ATM services platform. It also received funding from the Belgian Investment Company for Developing Countries. Access Bank successfully concluded its 3rd public offering in 2008, raising more than US$1 billion.

In 2009, Access Bank merged with the Intercontinental Commercial Bank (ICB)^[17] and was listed the same year (2012)^[18] on the LSE (London Stock Exchange). A 350 million dollars Eurobond was also successfully raised in parallel.

During 2018, Access Bank announced its intention to acquire Diamond Bank, which had a portfolio of 29 million customers, for US$235 million. The group also announced a collaboration with 25 global banks to develop the principles of sustainable banking and align the sector with the United Nations sustainable development goals, and the launch of Access WhatsApp Banking. Completion of the merger with Diamond Bank was announced in March 2019.

In March 2021, Access Bank announced the acquisition of a stake in Grobank, a South African bank, for US$60 million.^[19]

In March 2024, Access Bank Group signed binding contracts to acquire National Bank of Kenya, a subsidiary of the Kenya Commercial Bank Group. The transaction which requires regulatory approval in Kenya and Nigeria, is expected to conclude in Q4 2024.^[20]

In early 2021, Access Bank announced that it had identified eight new African countries for potential expansion, seeking to benefit from a continent-wide free trade agreement. The target markets are Morocco, Algeria, Egypt, Côte d'Ivoire, Senegal, Angola, Namibia and Ethiopia, which would extend the international presence of the bank to 18 countries. Access Bank is expected to establish offices in some countries and in others, should partner with existing banks and leverage its digital platforms to provide services to clients.^[21]

In January 2024, Access Bank made binding commitments, subject to regulatory approval in Nigeria and Uganda, to acquire 80 percent shareholding in Finance Trust Bank, a Ugandan commercial bank that specializes in lending to women customers and women-led businesses.^[22]

In July 2023, Access Bank Group reached binding agreements with Standard Chartered Plc (SCB) of the United Kingdom for the Access group to acquire SCB shareholding in subsidiaries domiciled in Angola, Cameroon, Gambia and Sierra Leone. Access will also buy SCB's consumer, private & business banking business in Tanzania. The deal requires regulatory approval in the United Kingdom, Nigeria and in each of the five respective subsidiary domiciles. Completion of the acquisition is expected during H2 of 2024.^[23][24][25]

In July 2021, the French government manifested its will to strengthen its ties with Nigerian captains of industry including Herbert Wigwe, the group managing director of Access Bank, and announced that an agreement had been signed which would allow the group to settle in France.^[26] This agreement confirms the group's vision and desire to extend its influence and activities to all of France and gradually to all of Europe. The opening of Access Bank in Paris will be managed by the group's London branch, headed by Britain's Jamie Simmonds. The new offices in France will focus on trade finance. The Nigerian bank is also considering embarking on investment and wealth management services.^[26]

As of October 2024^[update] the member companies of Access Bank Group include but are not limited to the following:

The headquarters of Access Bank Group were previously located at Plot 999c, Danmole Street, Off Adeola Odeku/Idejo Street, Victoria Island, Lagos, Nigeria.

In February 2020, the headquarters were relocated to Access Tower, 14/15, Prince Alaba Oniru Road, Oniru, Lagos, Nigeria.^[34] The geographical coordinates of the banking groups headquarters are: 06°26'00.0"N, 03°26'36.0"E (Latitude: 6.433459, Longitude: 3.445069).^[35]

• List of banks in Nigeria
• Banking in Nigeria

• Access Bank to establish more African subsidiaries, Herbert Wigwe eyes Francophone region As of 11 March 2020.