Nigerian multinational commercial bank, Access Bank, has announced plans to expand its operations to Asia in the first quarter (Q1) of 2024.
Access Bank expansion to Asia, is part of a wider global expansion plan, which includes a strategy to expand more deeply into Francophone Africa, build closer ties with North Africa and Europe.
Speaking on the bank’s recent plan, CEO of Access Bank Dr. Herbert Wigwe expressed concern that Africa could be cut off from the global financial system if they not expand strategically, hence the need for the bank to expand its operations across the global stage.
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In his words,
“You cannot blame European or American banks who chose not to be here. We blame ourselves if we are not big enough to support our people. We told ourselves that we’ll keep pushing that wall until we make sure we are on the global stage.
“We will be in London, we will be in the US, we will be in Hong Kong, we will be in all of these markets to make sure that our people cannot be disintermediated”.
Wigwe views an Asian bank as supporting overall network effects based on the existing activities of its clients. Above all, he stressed that access to huge pools of capital would not normally be possible in African markets.
He further said that he and his team expect to receive approval from monetary authorities soon. He however declined the Asian country in which the bank would launch in order to avoid preempting local regulators.
Access Bank in a bid to become a notable player in the banking sector, has continued to expand rapidly across the continent over the last half decade. More recently, the bank snapped up the banking operations of Standard Chartered in Angola, Tanzania, Cameroon, Sierra Leone, and the Gambia.
The bank also has a UK subsidiary and operates representative offices in India, China, and Lebanon. Its UK subsidiary also operates a branch in the UAE and Dubai.
In its five-year strategy document, Access Bank plans to expand to 26 countries by 2027, and in at least 3 organizations for Economic Co-operation and Development (OECD) countries supporting trade.
Within two decades, the bank emerged as a leading tier-one financial institution in Nigeria, in line with its disciplined execution of rolling 5-year corporate plans. In the last five years, the bank displayed strong prowess in mergers and acquisitions across the continent.
It already has a network of more than 700 branches and service outlets, spanning three continents, 17 markets, and 52 million customers. However, its primary focus on trade in the next five years is to leverage its established presence across trade and financial hubs globally.
Access Bank’s mission is to build a strong global franchise focused on serving as a gateway for payments, investment, and trade within Africa and between Africa and the rest of the world, anchored by a robust capital base, a relentless focus on execution; and best-in-class customer service and financial services.