The scope of Access Bank’s expansion vision seems to know no bounds, and the lender has stated its grand plan to break into markets in eight countries on the continent in its quest to become “Africa’s gateway to the world,” hoping to ride on the back of the African Continental Free Trade Area agreement.
On the strength of the latest push, the financial institution is probably the continent’s fastest-growing bank at cross-border level, given that it delivered two acquisitions in Cameroon and Kenya last year and is in line to ink more deals in the year ahead as it looks to conquer Africa. That won the lender’s chief, Herbert Wigwe, African Banker of the Year award in June for the second year in a row.
The South African acquisition, even though it was not a complete acquisition, accounted for $60 million of Nigeria’s biggest lender by asset’s capital expenditure for the year.“We’re basically making sure that we have a strong presence in all the major trade centres in the continent,” Mr Wigwe told CNN in December 2021.
“I think we’re on track. I think in terms of profitability our different franchises are doing exceedingly well, and I think 2022 perhaps is actually going to be a big, big year for the institution.”But the upset of the year and perhaps the high point of doing deals in Nigeria in recent years was
Source: News Formal (newsformal.com)
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