Home Press OfficeAccess Bank Access Bank selects Eight African Countries for Expansion

Access Bank selects Eight African Countries for Expansion

by Blessing Ubani

Access Bank Plc, Nigeria’s largest lending financial institution identifies 8 African countries for potential expansion as it takes advantage from a continental-wide free trade pact.

Access Bank plans to extend to the high potential markets, leveraging the advantage of the African Continental Free Trade Area, Chief Executive Officer Herbert Wigwe disclosed via an investor call on Tuesday. The financial institution currently runs in 12 nations following a series of acquisitions spanning from Kenya to its home market

According to an online presentation emailed by the Lagos-based lender, the eight countries are Morocco, Algeria, Egypt, Ivory Coast, Senegal, Angola, Namibia and Ethiopia.

The lender will establish offices in some countries and others enter into collaborations with existing financial institutions or utilize on its electronic systems to provide solutions to consumers, Roosevelt Ogbonna, deputy managing director disclosed via a phone conversation. The bank will “in another month or two, once the arrangements have been put in place,” give clarity on the nature of operations in some of the countries, he said.

It will also utilize its London-based unit as an “anchor for growth” to expand representative offices in countries such as India, Lebanon and China, the bank’s CEO said

Source: Blommberg

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