Following the launch of its new brand on April 1st, 2019, Access Bank is now Africa’s largest retail Bank by customer base with 29 million customers, 592 branches and 27,000 staff within and outside Nigeria spanning three continents.
According to the group managing director Herbert Wigwe, Access Bank new logo carries with it a philosophy with a promise ‘access. More than banking’ as it is now positioned to serve as a gateway into Africa.
The combination of Diamond Bank’s strong retail customer franchise and leading digital platform with Access Bank’s corporate banking capabilities according to analysts has indeed birthed a diversified Nigerian financial institution with a strong potential to create value.
The just concluded Annual General Meeting (AGM) of the bank saw over 1,500 Shareholders in attendance from across the Nation, an indication of investors’ enthusiasm for future prospects ahead.
Speaking at the event, group managing director Herbert Wigwe Access said:
”In 2018, we began the implementation of our five-year strategy with focus on retail banking growth. The quarterly contributions of this segment to group profits during he year assured us that our strategies and investments were prudent”.
He also highlighted the Bank’s readiness to position itself within the economy’s operating environment which is characterized by stiff completion and tighter regulations and supervision. Access Bank from all indications is poised to be the world’s most respected African Bank.
Despite the dull economic environment as witnessed in recent times, Access Bank recorded increased profits by playing to its financial strength and taking advantage of existing opportunities within the economy.
‘’ In our quest to create an integrated global franchise, we intend building presence in key East African Countries as well as Asia,. By expanding our reach in these regions, we are aiming to make the most of the growth potentials they offer. The expanded business platform will bring about increased operational efficiency, strengthened capital base and a tighter cost optimization programme’’.
The Group delivered a 15 percent increase in gross earnings of N528.7 billion Naira from N459.1 billion Naira in 2017 comprising interest income growth of N380.9 billion Naira, recording a profit before tax of N103.2 billion Naira against N78.2 billion Naira in 2017.
The group managing director also disclosed that the bank will take advantage of significant synergies which will be derived from its merger with Diamond Bank. Such synergies include a highly complementary investment capabilities offering improved choice and service to clients, and a deeper commitment to financial inclusion and to the advancement and support of women, youth and entrepreneurs.