One of the largest banks in Africa, Access Bank, is almost done with the regulatory process so that it may start offering full banking services in Asia in the first quarter of 2024.
This is a part of a larger global expansion target, the chief executive of its holding company told Semafor Africa. This includes a strategy to expand deeper into Francophone Africa, forge closer ties with North Africa, and expand throughout Europe, where it already operates wholesale banking operations in London and Paris, which opened in May.
The CEO of Access Holdings, the company that owns Access Bank, Herbert Wigwe, stated that he and his colleagues anticipate hearing back from the financial authorities “by this side of Christmas.” To avoid ahead of local regulators, Wigwe would not identify the bank’s debut location; however, he did say, “We will definitely be in Asia by the first quarter of next year.”
Through an aggressive and ambitious acquisition strategy, Wigwe and his colleagues transformed Access from a small Nigerian operator into the largest banking group in the country. By the end of 2022, the lender will hold 16% of the assets in the banking sector, according to ratings agency Fitch.
Over the past five years, it has also spread quickly over the continent. Most recently, it acquired Standard Chartered’s banking businesses in Tanzania, Angola, Cameroon, The Gambia, and Sierra Leone.
