Access Bank, the largest lender in Nigeria in terms of assets, is set to expand into Asia in early 2024. Establishing a subsidiary in Asia is seen as a strategic move to cater to customers in the region, representing the bank’s largest non-African trading partner. Access Bank aims to secure regulatory approval for this expansion by the end of 2023, according to Semafor, the bank’s representative.
With $26.5 billion in assets under management, Access Bank Group is following in the footsteps of South Africa’s Standard Bank Group ($161.53 billion AUM) and TymeBank, a South African challenger fintech, by venturing into the Asian market. While Standard Bank has offices in Singapore and Dubai, TymeBank recently expanded its operations to the Philippines.
During the Africa Financial Industry Summit in Togo’s capital, Lome, Hebert Wigwe, the chairman of Access Holdings (the parent company of Access Bank), was cautioned about Africa’s potential isolation from the global financial system. He emphasized the importance of being on the worldwide stage. He outlined plans for the bank’s presence in London, the US, Hong Kong, and other markets to prevent disintermediation of its people.
As described in a 2021 report, Access Bank’s strategic goal is to become an African aggregator, establish a global payment gateway, and offer trade finance support and correspondent banking services.
In July, Access Bank announced its agreement to acquire Standard Chartered’s subsidiaries in Angola, Cameroon, The Gambia, and Sierra Leone and its consumer, private, and business banking business in Tanzania. This move followed a series of acquisitions and the establishment of new subsidiaries in Angola, South Africa, Botswana, Zambia, and Mozambique.
Access Holdings, the parent company of Access Bank, currently operates a UK subsidiary and has representative offices in China, Lebanon, and India. Its UK subsidiary also has a branch in Dubai, UAE. While the bank’s existing international operations focus on serving corporations and other banks at the institutional level, the specific location of its new Asian venture and whether it will involve retail banking services remain undisclosed.
