Access Bank, Nigeria’s Biggest Lender Picks Eight African Countries For Expansion
Nigeria’s biggest bank Access Bank Plc, has identified eight African Countries for potential expansion so as to benefit from the African free trade pact.
The African trade pact aims to improve trade within African countries by lowering or eliminating cross-border tariffs, facilitating the movement of capital and people, promoting investment and paving the way for the establishment of a continental-wide customs union.
Speaking to an investor call on Tuesday, Herbert Wigwe, Access Bank Chief Executive Officer said they were looking to expand to high-potential markets so as to leverage the benefits of the African Continental Free Trade Area.
Access bank currently operates in 12 countries around the world following a series of acquisitions from Kenya all the way to its home market in Nigeria.
However, according to an online presentation emailed by the Lagos-based lender, they seek to expand to Morocco, Algeria, Egypt, Ivory Coast, Senegal, Angola, Namibia and Ethiopia. In addition Herbert Wigwe also stated that they will also use their London based unit as an anchor for growth so as expand their representative offices in countries such as India, Lebanon and China.
In the report issued by the bank, they stated they were looking to transition to a holding company this year, and to open subsidiaries in insurance brokerage, consumer lending and agency banking as well as payments to boost revenue
Access Bank plans to eventually expand into 22 African countries to cushion challenges in some markets, diversify earnings and take advantage of growth opportunities in the region.