Access Bank Tells Ambitious Plan For Its UK Subsidiary

Access Bank, sub-Saharan Africa’s largest bank by customer base, has shared insights about ambitious plans to position its UK subsidiary, Access Bank UK, among the top 20 banks in the United Kingdom, targeting an annual profit of $1 billion by 2027.

 This was disclosed by Roosevelt Ogbonna, the Managing Director/Chief Executive Officer of Access Bank, during the “Facts Behind the Rights Issue” presentation held at the Nigerian Exchange (NGX) office in Lagos.

Ogbonna emphasised that this projection underscores Access Bank’s commitment to becoming a global banking leader, focusing on expansive growth and robust financial performance.

“We are positioning ourselves to be one of the most respected banks globally. Our focus is on superior service across all the continents and countries we are operational in, and by 2027, we aim to be one of the top five African banks, powering trade across the continent and providing superior services to our customers,” Ogbonna stated.

The CEO further highlighted that Access Bank’s customer base is expected to grow to 125 million by 2027, further cementing its market leadership. 

This ambitious growth plan   is   part   of   the   broader   strategy   to   drive   organic   growth   through   strategic acquisitions,   partnerships   with   international   banks,   and   substantial   investments   in infrastructure and technology.

The insights were shared as  part   of   discussions   around   Access   Holdings’   ongoing Rights Issue, which aims to raise up to US$1.5 billion to strengthen its financial position and   support   its   growth   ambitions. 

  The   rights   issue   offers   17,772,612,811   ordinary shares at N19.75 per share and will close on August 14, 2024.The Fact Behind the Rights Issue was attended by the stockbrokers, shareholders, NGX management, Access Holdings’ executive and management, the media, amongst others.

 The shareholders gave their vote of confidence in Access Holdings and Access Bank, and particularly, the Rights Issue. 

Bisi   Bakare,   National   Coordinator,   Pragmatic   Shareholders   Association   of   Nigeria, noted, “Since Access Bank first started trading on the stock exchange at N0.65, we shareholders have witnessed its incredible growth and accrued immense value, with the stock now trading at N19.35 as of June 9.” 

 “Access Holdings can be  confident that as the   consolidation phase of  the   Group’s expansion fully takes shape and the brand’s profitability continues to increase, those of us who have been on this journey from the beginning are not about to jump off now. 

We fully back the capitalisation plans, starting with the Rights Issue, and are excited for the future that lies ahead for Access Holdings,” Bakare added.