New Telegraph

Access Bank guns for top 5 spot in Africa by 2027

…as HoldCo consolidates

The Managing Director/ Chief Executive Officer, Access Holdings Plc, Herbert Wigwe, has said that the bank subsidiary of the Holdings, Access Bank, will emerge among the top five banks in Africa in the next five years. Disclosing this to journalists in Lagos yesterday, Wigwe said that Access Bank, in the last 20 years, had steadily realised all its projections to emerge one of the biggest banks in the country today. Recalling part of the early days, he said the first projection of the bank at the stock exchange was to be among the top 10 banks in the country.

“There was hardly any space for us. But in the first five years we moved to the top 10,” he said. Wigwe, whose tenure as the managing director has seen the bank expand beyond the shores of Nigeria with 50 million customers, noted that while many banks could not make the 2005 banking consolidation, Access Bank went into the market to acquire some banks. He also disclosed that in order to garner more managerial experience, Access Bank spent sometimes with HSBC and “they taught us what to do.”

He pointed out that during the global financial bubble in 2009, Access was one of the strongest banks where some other banks could not make headway. According to Wigwe, the HoldCo structure comprises Access Bank; LendCo, Consumer lending and agency banking; InsureCo, Insurance brokerage and wealth management; and Pension assets. Recall that the Board of Access Holdings Plc on Monday effected major changes at the organisation as Wigwe was announced the new Managing Director/ Chief Executive Officer of Access Holdings. The changes also witnessed the announcement of the bank’s Deputy Managing Director, Mr. Roosevelt Ogbonna, as the new Managing Director/ Chief Executive Officer of Access Bank Plc. The announcement also saw Mr. Victor Etuokwu emerge as Deputy Managing Director, Retail North and Mrs. Chizoma Okoli, Deputy Managing Director, Retail South. The board noted that the three appointments had been approved by the Central Bank of Nigeria and are effective May 2, 2022.

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