Access Bank set for regional trade finance, cross-border banking services

&NewLine;<p>Access Bank Plc on Tuesday announced that it has received the Central Bank of Nigeria’s approval-in-principle for the bank’s restructuring to a holding company &lpar;&OpenCurlyDoubleQuote;HoldCo”&rpar;&period;<&sol;p>&NewLine;&NewLine;&NewLine;&NewLine;<p>The proposed HoldCo structure would enable the bank to further accelerate its objectives around business diversification&comma; improved operational efficiencies&comma; talent retention as well as robust governance&period;<&sol;p>&NewLine;&NewLine;&NewLine;&NewLine;<p>The bank said in a disclosure notice to the Nigerian Stock Exchange that further details regarding the HoldCo structure will be communicated to the market in due course&period;<&sol;p>&NewLine;&NewLine;&NewLine;&NewLine;<p>Access Bank also announced definitive agreements to bolster its market position in Mozambique and enter the South African market&period; The bank said the move follows the recent transaction with Cavmont Bank in Zambia and further embeds its presence in the SADC region&comma; one of Africa’s most important trading blocs&period;<&sol;p>&NewLine;&NewLine;&NewLine;&NewLine;<p>&OpenCurlyDoubleQuote;These transactions will result in a more connected African banking network that builds on Access Bank’s existing foundation and enhances its value proposition to stakeholders&comma; including customers and employees&comma;” the bank said&period;<&sol;p>&NewLine;&NewLine;&NewLine;&NewLine;<p>&OpenCurlyDoubleQuote;Shareholders will benefit from the economies of scale of a larger banking network&comma; including the associated cost efficiencies arising from the Bank’s federated IT system and the replication of investments Tin innovative products across a wider range of markets&period;<&sol;p>&NewLine;&NewLine;&NewLine;&NewLine;<p>&OpenCurlyDoubleQuote;A broader and connected Africa network remains a core strategic focus for geographic earnings growth and diversification&comma; which will further enhance profitability and risk metrics&period; Through these transactions&comma; Access Bank will be well placed to promote regional trade finance and other cross-border banking services&comma; further leveraging its presence in key global trade corridors in the UAE&comma; the UK&comma; China&comma; Lebanon&comma; and India&period;”<&sol;p>&NewLine;