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Access Bank plc

Access Bank plc, commonly known as Access Bank, is a Nigerian multinational commercial bank, owned
by Access Bank Group. It is licensed by the Central Bank of Nigeria, the national banking regulator.[1]

Access Bank plc

Type

Public: NSE: ACCESS

Industry

Banking

Founded

1989

Headquarters

Plot 999c, Danmole Street off Adeola Odeku/Idejo Street, Victoria Island, Lagos, Lagos State, Nigeria

Key people

Mosun Belo-Olusoga, Chairperson; Herbert Wigwe, Group Managing Director and Chief Executive Officer

Products

Loans, Credit Cards, Savings, Investments, Mortgages

Revenue

Increase US$298 million (NGN:59 billion) (2015)

Total assets

US$12.2+ billion (NGN:2.412 trillion) (2015)

Number of employees

9,000+ (2012)
Website

Official site

Originally a corporate bank, the organization acquired personal and business banking platforms from
Nigeria’s International Commercial bank in 2012. Access Bank is presently one of the five largest banks
in Nigeria in terms of assets, loans, deposits and branch network.

Locations

Overview

Edit

Access Bank plc is a large financial-services provider. As of December 2015, the bank had an asset base
in excess of US$12.2 billion (NGN:2.412 trillion), and shareholders' equity valued at approximately
US$1.86 billion (NGN:367.8 billion).[3] (Note that US$1.00 = NGN305 on 15 January 2017.)

Access Bank Group

Edit

Main article: Access Bank Group

As of December 2015, Access Bank plc had subsidiaries in eight Sub-Saharan African countries and the
United Kingdom.[4]

History

Edit

The bank received its license from the Central Bank of Nigeria in 1989, and listed on the Nigerian Stock
Exchange in 1998.

2002: Access Bank was taken over by a core of new management led by Aigboje Aig-Imoukhuede and
Herbert Wigwe.

2005: Access Bank acquired Marina Bank and Capital Bank (formerly commercial bank Crédit Lyonnais
Nigeria) by merger.
2007: Access Bank established a subsidiary in Banjul, The Gambia. This bank now has a head office and
four branches, and the bank has pledged to open another four branches.

2008: Access Bank acquired 88% of the shares of Omnifinance Bank, which was established in 1996. It
also acquired 90% of Banque Privée du Congo, which South African investors had established in 2002.
Access Bank acquired 75% of the shares of Bancor SA, in Rwanda. Bancor had been established in 1995
and reorganized in 2001. In September, Access Bank opened a subsidiary in Freetown, Sierra Leone, and
then in October, the bank opened subsidiaries in Lusaka, Zambia and in London, United Kingdom.

2008: Finbank (Burundi) joined the Access Bank network,[5] but exited the group in 2014.[6]

2011: Access Bank was in talks with the Central Bank of Nigeria to acquire Intercontinental Bank plc.

Intercontinental Bank became a subsidiary of Access Bank plc, which recapitalized the former and
acquired a 75% majority interest in its stock.

The combined effect of the restoration of Net Asset Value (NAV) to zero by AMCON and N50billion
capital injection by Access Bank plc is that Intercontinental Bank now operates as a well-capitalized
bank, with shareholders funds of N50billion and Capital Adequacy Ratio (CAR) of 24%, well above the
10% regulatory threshold.

January 2012: Access Bank announced the conclusion of its acquisition of the former Intercontinental
Bank,[7] creating an expanded Access Bank, one of the largest four commercial banks in Nigeria with
over 5.7 million customers, 309 branches and over 1,600 Automated Teller Machines (ATMs).[8][9]

2018: In December 2018, Access Bank PLC acquires Diamond Bank, the board of Diamond Bank
announces that her merger with Access Bank Plc expected to be completed in first half of 2019. [10] [11]

See also

References

External links

Last edited 2 months ago by Eruditescholar

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Home Sustainable Banking Our Community Investments Community Support The “W”
Initiative

The “W” Initiative

In July 2014, Access Bank unveiled the “W” initiative to accelerate a new and stronger wave of hitherto
scanty female entrepreneurs in Nigeria. In addition to financial inclusion, the “W” initiative is a one-stop
center of all of Access Bank’s women empowerment offerings. Some of these include capacity building
programs exclusive to women, mentoring programmes, and maternal health services, all aimed at
helping to build a bigger, stronger and more sustainable society. Under the “W” initiative, participating
women and their families have access to a wide range of opportunities. Part of these privileges includes
access to loans and credit facilities; access to the ‘W’ community in which they can get insights
concerning family matters and finance matters. In addition, ‘W’ community also provides women with
access to information about several value-adding special offers for the home, including specially
discounted offers as well as freebies on health, beauty and fitness.

The “W” initiative also hosts our Maternal Health Support Scheme(MHSS), through which Access Bank
supports local and international treatments for fertility antenatal and postnatal treatment, and other
specialist procedures such as hysterectomy (uterus removal), myomectomy (fibroid removal), dental,
bariatric and orthopaedic treatments. The MHS Scheme can be availed to women within 48 hours.
Indeed, “W” is all about raising and grooming and sustaining –in communities around us – a continuing
generation of women that are inspired, healthy, connected and empowered. It is Access Bank’s
commitment to banking women. All of these exciting initiatives are hosted on the “W” initiative website,
www.thewcommunity.com, an online community for Access women. Since its inception, millions of
Naira have been spent on “W” and its component initiatives.

HEALTH AWARENESS PROGRAMS

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