NIGERIA – Nigeria-based multinational financial services, Access Bank Plc has said that it has received the approval from the Central Bank of Nigeria for its proposed expansion into the Republic of Cameroon.
Access Bank said in a statement filed at the NSE that it planned to set up a banking subsidiary in Cameroon. It said it received the CBN’s ‘No Objection’ response to the plan, which would materialise soon.
According to the statement, the proposed expansion, which is subject to regulatory authorities in the Republic of Cameroon, is in pursuance of the bank’s strategic objective to become Africa’s gateway to the world.
Access Bank said it was awaiting regulatory approvals and would provide the market with updates in due course.
The Executive Director, Access Bank, Victor Etokwu, had said the bank planned to expand into three Africa countries this month.
He said, “We are currently in 15 countries and before the middle of this month, we will be in three more countries in Africa.
“Before June end hopefully, we will have a franchise in Hong Kong. We are Africa’s biggest bank and the most profitable bank in the United Kingdom.
“We are the only African bank in the clearing house in the UK.
It is a big franchise; there is room for everybody and we have shared this with all the members of staff.”
Access Bank had also in October received the approval from the Competition Authority of Kenya and Central Bank of Kenya to acquire 93.57 per cent of a Kenyan-based lender, Transnational Bank Limited.
Access Bank has opened its doors to customers for the past 32 years says it has built its strength and success in corporate banking.
Today, Access Bank is one of the five largest banks in Nigeria in terms of assets, loans, deposits and branch network; a feat which it says has been achieved through a robust long-term approach to client solutions – providing committed and innovative advice.
It is now applying that expertise to the personal and business banking platforms it acquired from Nigeria’s International Commercial bank in 2012 to expand its footprint across the Africa.