Access Bank recently acquired controlling shares in the former Grobank Limited.
Following the completion of Access bank acquiring the controlling interest in Grobank in March. Grobank Limited has been officially renamed Access Bank South Africa Limited.
Nigeria’s biggest lender Access Bank has bought a controlling interest in South Africa’s 74-year-old Grobank for around $60 million (R896-million) its CEO said the acquisition signals the culmination of the tier 1 lender’s aspiration to venture into South Africa.
What this latest development means to Access Bank South Africa Limited is that it will be positioned to deliver a robust banking operation that connects key African markets.
At the official closing ceremony in Sandton on Monday, stakeholders of the two banks were upbeat about new opportunities for clients, noting the Bank commitment to being supportive, while harnessing the opportunities both in the short and long term.
The CEO of Grobank, Bennie van Rooy said, “This is an extremely exciting day for the South African banking industry. Our corporate customers will now have increased access to trade finance, treasury, international payments and loans through the wider distribution network offered by Access Bank’s presence in the key trade corridors that connect Africa to the rest of the world.
“Banking with Access Bank South Africa means greater security as well as access to more products and services through a best-in-class digital platform, and a full retail banking suite will soon be on offer.”
Herbert Wigwe, GMD/CEO of Access Bank Plc, said: “Today’s ceremony in South Africa seals our commitment to delivering our strategic aspirations of becoming Africa’s Gateway to the World, in line with our vision to be the World’s Most Respected African Bank.
“We look forward to the many opportunities our collective experience and deep understanding of the African market brings to our valued clients, and the journey ahead being one of great promise for our institution and the continent.”
Access Bank Plc. is a leading full-service commercial Bank operating through a network of more than 600 branches and service outlets, spanning three continents, 12 countries and 31 million customers. The Bank employs 28,000 people in its operations in Nigeria and has subsidiaries in Sub-Saharan Africa and the United Kingdom (with a branch in Dubai, UAE) and representative offices in China, Lebanon and India.
Listed on the Nigerian Stock Exchange since 1998, Access Bank is a diversified financial institution that combines a strong retail customer franchise and digital platform with deep corporate banking expertise and proven risk management and capital management capabilities. The Bank serves its various markets through four business segments: Retail, Business, Commercial and Corporate.