Access Bank has announced plans to position its United Kingdom subsidiary, Access Bank UK, among the top 20 banks in the country, targeting an annual profit of $1 billion by 2027.
This was announced by the Managing Director/Chief Executive Officer of Access Bank, Roosevelt Ogbonna, during the “Facts Behind the Rights Issue” presentation held at the Nigerian Exchange (NGX) office in Lagos on Friday, July 12, 2024.
Ogbonna emphasised that this projection underscores Access Bank’s commitment to becoming a global banking leader, focusing on expansive growth and robust financial performance.
“We are positioning ourselves to be one of the most respected banks globally. Our focus is on superior service across all the continents and countries we are operational in, and by 2027, we aim to be one of the top five African banks, powering trade across the continent and providing superior services to our customers,” he stated.
The Access Bank CEO further highlighted that the bank’s customer base is expected to grow to 125 million by 2027, further cementing its market leadership.
Access Holdings begins N351bn rights issue subscription
“This ambitious growth plan is part of the broader strategy to drive organic growth through strategic acquisitions, partnerships with international banks, and substantial investments in infrastructure and technology,” Ogbonna added.
According to the bank, the insights were shared as part of discussions around Access Holdings’ ongoing Rights Issue, which aims to raise up to $1.5 billion to strengthen its financial position and support its growth ambitions.
The rights issue offers 17,772,612,811 ordinary shares at N19.75 per share and will close on August 14, 2024.
Also speaking at the event, the National Coordinator of Pragmatic Shareholders Association of Nigeria, Bisi Bakare, said: “Since Access Bank first started trading on the stock exchange at N0.65, we shareholders have witnessed its incredible growth and accrued immense value, with the stock now trading at N19.35 as of June 9.
“Access Holdings can be confident that as the consolidation phase of the Group’s expansion fully takes shape and the brand’s profitability continues to increase, those of us who have been on this journey from the beginning are not about to jump off now.
“We fully back the capitalisation plans, starting with the Rights Issue, and are excited for the future that lies ahead for Access Holdings.”
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