The story
The bank was founded in 1988 and incorporated as a private commercial bank in February 1989. It actually began operations on 11 May 1989, establishing its first office located at Burma Road in the Apapa district of Lagos.
In March 1998, Access Bank changed its legal status and became a public limited company and in the same year, on 18 November, entered the Nigeria Stock Exchange.
In 2002, Aigboje Aig-Imoukhuede was appointed managing director and Herbert Wigwe, Deputy Managing Director, with the mandate of raising the bank from 65th place to the top 10 in 2007.
In 2003, Access Bank raised more than NGN 14.5 billion with a public offering, registering a 133% oversubscription. The same year, the bank received the Hewlett Packard Award for the best implementation of a basic banking application (Flexcube 6.2) in West Africa. The following year, Access Bank acquired Capital Bank and Marina Bank through a merger by absorption and integration.
During 2007, Access Bank became the first Nigerian bank to introduce Visa credit cards in Nigeria and achieved EMV certification for the multi-card ATM services platform. It also received funding from the Belgian Investment Company for Developing Countries. Access Bank successfully concluded its 3rd public offering in 2008, raising more than US$1 billion.
In 2009, Access Bank merged with the Intercontinental Commercial Bank (ICB) and was listed the same year (2012) on the LSE (London Stock Exchange). A 350 million dollars Eurobond was also successfully raised in parallel.
During 2018, Access Bank announced its intention to acquire Diamond Bank, which had a portfolio of 29 million customers, for US$235 million. The group also announced a collaboration with 25 global banks to develop the principles of sustainable banking and align the sector with the United Nations sustainable development goals, and the launch of Access WhatsApp Banking. Completion of the merger with Diamond Bank was announced in March 2019.
In March 2021, Access Bank announced the acquisition of a stake in Grobank, a South African bank, for US$60 million.
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In mid-October 2021, Access Bank announced that the group has finalised the acquisition of 78.15 percent shareholding in the African Banking Corporation of Botswana, otherwise known as BancABC Botswana.
On 4 October 2021, the group issued a $500 million Eurobond, priced at 9.125 percent. According to Access Bank Group, this additional Tier One Eurobond which is issued under the bank's medium term note programme is a Basel III compliant Perpetual Non-Call 5.25-year Subordinated Note to be heated on the London Stock Exchange. The Eurobond may be called anytime from 7 October 2026, subject to conditions including the Central Bank of Nigeria's approval.
On 24 October 2021, Access Bank announced it has entered a binding pact to merge its Zambian unit with African Banking Corporation Zambia Limited in a planned reformation coming barely 9 months after it bought the subsidiary. The agreement confirms Access Bank's will to broaden its presence in the Southern African country to 70 branches and agencies, customer base to 300,0000, and total assets with a value in the neighbourhood of US$1 billion through the combined entity.
In March 2024, Access Bank Group signed binding contracts to acquire National Bank of Kenya, a subsidiary of the Kenya Commercial Bank Group. The transaction which requires regulatory approval in Kenya and Nigeria, is expected to conclude in Q4 2024.
In June 2024, Access Bank Group announced total assets of NGN 36.5 trillion (approx. US$22.419 billion), with shareholders' equity of NGN 2.8 trillion (approx. US$1.72 billion). As of that time, the group maintained operational banking subsidiaries in 20 countries in Sub-Saharan Africa, Europe and the Middle East.
From Wikipedia’s article on Access Bank Group, shared under CC BY-SA 4.0.3