Access Bank Plc announces today it has received the Central Bank of Nigeria’s Approval-in-Principle for restructuring to a holding company.
In a statement made available to Financial Street, the proposed HoldCo structure will enable the bank to further accelerate its objectives around business diversification, improved operational efficiencies, talent retention as well as robust governance.
The bank said further details regarding the HoldCo structure would be communicated to the market.
It also announced definitive agreements to bolster its market position in Mozambique and enter the South African market.
This followed the recent transaction with Cavmont Bank in Zambia, embedding the bank’s presence in the Southern African Development Community region, one of Africa’s most important trading blocs.
These transactions the banks said would result in a more connected African banking network that builds on Access Bank’s existing foundation and enhances its value proposition to stakeholders, including customers and employees.
Access Bank explained that shareholders would benefit from the economies of scale of a larger banking network, including the associated cost-efficiencies arising from the bank’s federated information technology system.
