Access Bank targets top 20 position in UK, $1bn profit by 2027

Admin I Friday, July 12, 2024

 

LAGOS, Nigeria – Access Bank, sub-Saharan Africa’s largest bank by customer base, has shared insights about ambitious plans to position its UK subsidiary, Access Bank UK, among the top 20 banks in the United Kingdom, targeting an annual profit of $1 billion by 2027. 

This was disclosed by Roosevelt Ogbonna, the Managing Director/Chief Executive Officer of Access Bank, during the “Facts Behind the Rights Issue” presentation held at the Nigerian Exchange (NGX) office in Lagos.

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,” Ogbonna stated.

The CEO further highlighted that Access Bank’s customer base is expected to grow to 125 million by 2027, further cementing its market leadership. 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.

The insights were shared as part of discussions around Access Holdings’ ongoing Rights Issue, which aims to raise up to US$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.

The Fact Behind the Rights Issue was attended by the stockbrokers, shareholders, NGX management, Access Holdings’ executive and management, the media, amongst others. The shareholders gave their vote of confidence in Access Holdings and Access Bank, and  particularly, the Rights Issue.   

Bisi Bakare, National Coordinator, Pragmatic Shareholders Association of Nigeria, noted, “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,” Bakare added.