Access Bank Group

As of 30 June 2024, Access Bank Group announced total assets of NGN 36.5 trillion (approx. US$22.419 billion), with shareholders' equity of NGN 2.8 trillion (approx. US$1.72 billion).{{cite web|

url=https://nairametrics.com/2024/09/22/access-holdings-grows-revenue-to-%e2%82%a62-2-trillion-in-h1-2024/ |title=Access Holdings Grows Revenue To ₦2.2 Trillion In H1 2024 |work=Nairametrics |date=September 2024 |author=MM Partners |access-date=15 October 2024 |location=Lagos, Nigeria}} As of that time, the group maintained operational banking subsidiaries in 20 countries in Sub-Saharan Africa, Europe and the Middle East.

In 2018, Access Bank Nigeria, which accounts for approximately 75 percent of the groups assets, agreed to merge with Diamond Bank, another Nigerian commercial bank that was struggling to maintain regulatory capital ratios.{{cite web|url=https://tnp.com.ng/insights/diamond-and-access-bank-merger-changing-financial-landscape-in-nigeria-1 | title=Diamond and Access Bank Merger - Changing Financial Landscape in Nigeria |publisher=TNP Nigeria |date=22 January 2020 |author=Zainab Babalola |access-date=31 August 2020 |place=Ikoyi, Lagos, Nigeria}}{{cite web| url=https://www.businessdailyafrica.com/news/world/Nigerian-banks-merger-to-create-Africa-s--biggest-lender-/4259366-4901792-d4rxbr/index.html |title=Nigeria's Access Bank to buy rival Diamond Bank to create Africa's 'biggest bank' |date=19 December 2018 |newspaper=Business Daily Africa |access-date=31 August 2020 |agency=Reuters |place=Nairobi}} The transaction required regulatory and shareholder approval from both banks.{{cite web| url=https://www.reuters.com/article/us-diamond-bank-m-a-access-bank/nigerias-access-bank-gets-approval-for-diamond-bank-takeover-idUSKCN1QM20M |title=Nigeria's Access Bank gets approval for Diamond Bank takeover |date=5 March 2019 |

publisher=Reuters.com |author=Chijioke Ohuocha |access-date=31 August 2020}} The merger was completed in March 2019. The combined bank retained the name Access Bank Nigeria.{{cite web|publisher=Pulse Nigeria | url=https://www.pulse.ng/bi/finance/access-bank-diamond-bank-complete-merging-process/gkprhnj |title=Access Bank, Diamond Bank successfully complete merger to create one of Africa's largest banks |date=20 March 2019 |author=Aderemi Ojekunle |access-date=1 September 2020 |location=Ikeja, Lagos, Nigeria}}

On 24 October 2021, Access Bank announced it has entered a binding pact to merge its Zambian unit with African Banking Corporation Zambia Limited in a planned reformation coming barely 9 months after it bought the subsidiary. The agreement confirms Access Bank's will to broaden its presence in the Southern African country to 70 branches and agencies, customer base to 300,0000, and total assets with a value in the neighbourhood of US$1 billion through the combined entity.{{Cite web|date=26 October 2021|title=Access Bank Plc announces proposed merger with Zambian African Banking Corporation | url=https://nairametrics.com/2021/10/26/access-bank-plc-announces-proposed-merger-with-zambian-african-banking-corporation/|url-status=live|website=nairametrics.com|archive-url=https://web.archive.org/web/20211026093132/https://nairametrics.com/2021/10/26/access-bank-plc-announces-proposed-merger-with-zambian-african-banking-corporation/ |archive-date=26 October 2021 }}

On mid-October 2021, Access Bank announced that the group has finalised the acquisition of 78.15 percent shareholding in the African Banking Corporation of Botswana, otherwise known as BancABC Botswana.{{Cite web|date=October 13, 2021|title=Access Bank Acquires 78.2 Percent Stake In BancABC Botswana | url=https://businesspost.ng/banking/access-bank-acquires-78-2-stake-in-bancabc-botswana/|url-status=live|archive-url=https://web.archive.org/web/20211013145424/https://businesspost.ng/banking/access-bank-acquires-78-2-stake-in-bancabc-botswana/ |archive-date=13 October 2021 }}

On 4 October 2021, the group issued a $500 million Eurobond, priced at 9.125 percent. According to Access Bank Group, this additional Tier One Eurobond which is issued under the bank's medium term note programme is a Basel III compliant Perpetual Non-Call 5.25-year Subordinated Note to be heated on the London Stock Exchange. The Eurobond may be called anytime from 7 October 2026, subject to conditions including the Central Bank of Nigeria's approval.{{cite news| date=October 4, 2021|title=Nigeria's Access Bank issues $500 mln Eurobond, priced at 9.125% -bookrunner |work=Reuters.com | url=https://www.reuters.com/world/africa/nigerias-access-bank-issues-500-mln-eurobond-priced-9125-bookrunner-2021-10-04/}}

The bank was founded in 1988 and incorporated as a private commercial bank in February 1989. It actually began operations on 11 May 1989, establishing its first office located at Burma Road in the Apapa district of Lagos.

In March 1998, Access Bank changed its legal status and became a public limited company and in the same year, on 18 November, entered the Nigeria Stock Exchange.

In 2002, Aigboje Aig-Imoukhuede was appointed managing director and Herbert Wigwe, Deputy Managing Director, with the mandate of raising the bank from 65th place to the top 10 in 2007.

In 2003, Access Bank raised more than NGN 14.5 billion with a public offering, registering a 133% oversubscription. The same year, the bank received the Hewlett Packard Award for the best implementation of a basic banking application (Flexcube 6.2) in West Africa. The following year, Access Bank acquired Capital Bank and Marina Bank through a merger by absorption and integration.{{Cite web |date=2018-12-19 |title=Merger: Access Bank set to raise $250m Tier 11 capital in 2019 - Premium Times Nigeria |url=https://www.premiumtimesng.com/business/business-news/302062-merger-access-bank-set-to-raise-250m-tier-11-capital-in-2019.html,%20https://www.premiumtimesng.com/business/business-news/302062-merger-access-bank-set-to-raise-250m-tier-11-capital-in-2019.html |access-date=2022-06-21 |language=en-GB}}

During 2007, Access Bank became the first Nigerian bank to introduce Visa credit cards in Nigeria{{Cite web|date=20 October 2007|title=Access Bank introduces the first VISA credit card in Nigeria|url=https://www.proshareng.com/news/Products---Services/Access-Bank-introduces-the-first-VISA-credit-card-in-Nigeria/3020#|url-status=live|website=proshareng.com|archive-url=https://web.archive.org/web/20211101205136/https://www.proshareng.com/news/Products---Services/Access-Bank-introduces-the-first-VISA-credit-card-in-Nigeria/3020 |archive-date=1 November 2021 }} and achieved EMV certification for the multi-card ATM services platform. It also received funding from the Belgian Investment Company for Developing Countries. Access Bank successfully concluded its 3rd public offering in 2008, raising more than US$1 billion.

In 2009, Access Bank merged with the Intercontinental Commercial Bank (ICB){{Cite web| date=7 December 2011| title=Access Bank, Intercontinental to complete merger March 2012 | url=https://www.vanguardngr.com/2011/12/access-bank-intercontinental-to-complete-merger-march-2012/|url-status=live|website=vanguardngr.com|archive-url=https://web.archive.org/web/20111207001732/http://www.vanguardngr.com/2011/12/access-bank-intercontinental-to-complete-merger-march-2012/ |archive-date=7 December 2011 }} and was listed the same year (2012){{cite web | url=https://www.accessbankplc.com/pages/About-Us/Our-History.aspx | title=Access Bank Group | notfound }} on the LSE (London Stock Exchange). A 350 million dollars Eurobond was also successfully raised in parallel.

During 2018, Access Bank announced its intention to acquire Diamond Bank, which had a portfolio of 29 million customers, for US$235 million. The group also announced a collaboration with 25 global banks to develop the principles of sustainable banking and align the sector with the United Nations sustainable development goals, and the launch of Access WhatsApp Banking. Completion of the merger with Diamond Bank was announced in March 2019.

In March 2021, Access Bank announced the acquisition of a stake in Grobank, a South African bank, for US$60 million.{{Cite web| date=30 March 2021|title=Nigeria's Access Bank buys $60 million stake in South Africa's Grobank |work=Reuters.com | url=https://www.reuters.com/article/uk-access-bank-m-a-grobank-idUSKBN2BM1N4 |url-status=live |archive-url=https://web.archive.org/web/20210330161718/https://www.reuters.com/article/uk-access-bank-m-a-grobank-idUSKBN2BM1N4 |archive-date=30 March 2021}}

In March 2024, Access Bank Group signed binding contracts to acquire National Bank of Kenya, a subsidiary of the Kenya Commercial Bank Group. The transaction which requires regulatory approval in Kenya and Nigeria, is expected to conclude in Q4 2024.{{cite web| work=The Nation (Nigeria) | url=https://thenationonlineng.net/access-bank-acquires-kenyas-major-bank/ |title=Access Bank acquires Kenya's major bank |

date=21 March 2024 |author=Taofik Salako |access-date=25 June 2024 |location=Mushin, Lagos State, Nigeria}}

In early 2021, Access Bank announced that it had identified eight new African countries for potential expansion, seeking to benefit from a continent-wide free trade agreement. The target markets are Morocco, Algeria, Egypt, Côte d'Ivoire, Senegal, Angola, Namibia and Ethiopia, which would extend the international presence of the bank to 18 countries. Access Bank is expected to establish offices in some countries and in others, should partner with existing banks and leverage its digital platforms to provide services to clients.{{Cite web| date=19 January 2021|title=Nigeria's Biggest Bank Picks Eight Countries for Expansion |work=Bloomberg.com | url=https://www.bloomberg.com/news/articles/2021-01-19/nigeria-s-biggest-bank-picks-eight-african-nations-for-expansion|url-status=live|archive-url=https://web.archive.org/web/20210211142206/https://www.bloomberg.com/news/articles/2021-01-19/nigeria-s-biggest-bank-picks-eight-african-nations-for-expansion |archive-date=11 February 2021 }}

In January 2024, Access Bank made binding commitments, subject to regulatory approval in Nigeria and Uganda, to acquire 80 percent shareholding in Finance Trust Bank, a Ugandan commercial bank that specializes in lending to women customers and women-led businesses.{{cite web| work=The EastAfrican |date=27 January 2024 | url=https://www.theeastafrican.co.ke/tea/business/nigeria-s-access-bank-acquires-ugandan-lender-4505374 |title=Nigeria's Access Bank acquires Ugandan lender |

author=Edna Mwenda |access-date=29 September 2024 |location=Nairobi, Kenya}}

In December 2024, Access Bank Plc. signed binding contracts to acquire 100 percent shareholding Bidvest Bank in South Africa for consideration of US$159 millions (ZAR:2.8 billion). The deal is expected to close by June 2025 and is subject to regulatory approval.{{cite web| work=Techpoint Africa |date=12 December 2024 |url=https://techpoint.africa/2024/12/12/access-bank-acquisition-bidvest-bank/ |title=Access Bank continues expansion with 100% acquisition of South Africa's Bidvest Bank |author=Noah Banjo |access-date=12 December 2024 |location=Lagos, Nigeria}}

In July 2023, Access Bank Group reached binding agreements with Standard Chartered Plc (SCB) of the United Kingdom for the Access group to acquire SCB shareholding in subsidiaries domiciled in Angola, Cameroon, Gambia and Sierra Leone. Access will also buy SCB's consumer, private & business banking business in Tanzania. The deal requires regulatory approval in the United Kingdom, Nigeria and in each of the five respective subsidiary domiciles. Completion of the acquisition is expected during H2 of 2024.{{cite web| work=Reuters |date=14 July 2023 |access-date=28 July 2023 |url=https://www.reuters.com/markets/deals/stanchart-sell-sub-saharan-africa-business-access-bank-2023-07-14/ |title=StanChart to sell five sub-Saharan Africa businesses to Access Bank | author=Yousef Saba and Jason Neely}}{{cite web| url=https://techcabal.com/2023/07/14/access-bank-acquire-standard-chartered-sub-saharan-banks/ |title=Access Bank to acquire Standard Chartered's subsidiaries in sub-Saharan Africa |date=14 July 2023 | work=TechCabal |author=Caleb Nnamani |access-date=31 July 2023 | location= Lagos, Nigeria}}{{cite web| work=The Citizen (Tanzania) |date=26 August 2023 | url=https://www.thecitizen.co.tz/tanzania/news/business/ad-access-bank-plc-enters-into-acquisition-agreements-with-five-standard-chartered-shareholdings-in-africa-4348444 |title=Access Bank Plc enters into acquisition agreements with Five Standard Chartered Shareholdings in Africa |access-date=27 August 2023 | location=Dar es Salaam, Tanzania}}

In July 2021, the French government manifested its will to strengthen its ties with Nigerian captains of industry including Herbert Wigwe, the group managing director of Access Bank, and announced that an agreement had been signed which would allow the group to settle in France.{{cite web| title=Herbert Wigwe Set to Take Access Bank to France |work=This Day Nigeria | url=https://www.thisdaylive.com/index.php/2021/07/18/herbert-wigwe-set-to-take-access-bank-to-france/ |date=18 July 2021 |author=This Day |access-date=21 May 2023 |location=Lagos, Nigeria}} This agreement confirms the group's vision and desire to extend its influence and activities to all of France and gradually to all of Europe. The opening of Access Bank in Paris will be managed by the group's London branch, headed by Britain's Jamie Simmonds. The new offices in France will focus on trade finance. The Nigerian bank is also considering embarking on investment and wealth management services.

{{As of|October 2024}} the member companies of Access Bank Group include but are not limited to the following:

File:AccessBank-Lagos-Headquarters-Nigeria.jpg

The headquarters of Access Bank Group were previously located at Plot 999c, Danmole Street, Off Adeola Odeku/Idejo Street, Victoria Island, Lagos, Nigeria.

In February 2020, the headquarters were relocated to Access Tower, 14/15, Prince Alaba Oniru Road, Oniru, Lagos, Nigeria.{{cite web|author=Abiola Odutola|date=15 February 2020|title=Access Bank moves headquarters to Oniru, Lagos|url=https://nairametrics.com/2020/02/15/access-bank-moves-headquarters-to-oniru-lagos/|access-date=31 August 2020|publisher=Nairametrics.com|location=Ikeja, Lagos, Nigeria}} The geographical coordinates of the banking groups headquarters are: 06°26'00.0"N, 03°26'36.0"E (Latitude: 6.433459, Longitude: 3.445069).{{google maps|url=https://www.google.com/maps/place/6%C2%B026'00.0%22N+3%C2%B026'36.0%22E/@6.4333333,3.4433333,98m/data=!3m1!1e3!4m5!3m4!1s0x0:0x0!8m2!3d6.4333333!4d3.4433333|title=Location of headquarters of Access Bank Group|access-date=31 August 2020}}

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{{reflist}}

• [https://nairametrics.com/2020/03/11/access-bank-to-establish-more-african-subsidiaries-as-herbert-wigwe-eyes-francophone-region/ Access Bank to establish more African subsidiaries, Herbert Wigwe eyes Francophone region] As of 11 March 2020.

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Category:Banks established in 1989

Category:Banks of Nigeria

Category:Multinational companies based in Lagos

Category:Victoria Island, Lagos

Category:Nigerian companies established in 1989

Category:Access Bank Group

Category:Holding companies of Nigeria

Category:Conglomerate companies of Nigeria