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Ghana Press Release International - Access Bank commissions Ghana Subsidiary

Category: General


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Ghana Press Release International - Access Bank commissions Ghana Subsidiary


Wednesday, 19 August, 2009


ACCESS BANK COMMISSONS GHANA SUBSIDIARY


LAGOS, NIGERIA – 19 August, 2009 Access Bank Plc, one of Africa’s pre-eminent financial services Groups, has further consolidated its operations on the continent with the opening of a full – fledged banking subsidiary in Ghana in line with its global expansion initiative. This development is sequel to the approval granted the Access Bank Group in June 2009 by the Bank of Ghana (BOG) and the Bank’s fulfillment of all regulatory requirements under the Banking Act, 2004 (Act 673) of Ghana.



This development affirms the Bank’s commitment to the socio – economic development of the continent through intelligent expansion across the regions and it’s resolve to redefine the financial services operations in Africa, particularly in Ghana where it is now present through its globally acknowledged innovative and customer-centric banking services.



The formal opening of the Bank which was performed by the Vice President of the Republic of Ghana, His Excellency, Mr. John Mahama, had in attendance Hon. Dr. Kwabena Duffour, Minister of Finance and Economic Planning, Dr. Paul Acquah, Governor, Bank Of Ghana, Nigerian Ambassador to Ghana, His Excellency, Alhaji Musiliu Obanikoro, Chief Executives of Financial Institutions and the Ghanaian business community.



In his address, Mr. John Mahama, Vice President, Republic of Ghana expressed satisfaction at the coming of the Bank to Ghana and its intention to partner with the government and people in the realization of the developmental objectives of the country. He added that the socio - economic climate in Ghana is conducive for business and assured the Bank that the government will continue to make the country attractive to investors through implementation of economic friendly policies and people – oriented programmes.


On the mission of the Bank in Ghana, Mr. Daniel Akaba, Country Managing Director, Access Bank (Ghana) Ltd, said:  “Our coming to Ghana signals the beginning of a new era in the annals of banking in Ghana because of the acknowledged reputation of the Access Bank Group in innovation and service excellence. We are poised to deliver world class financial services by leveraging the Group’s robust and time - tested technological platform, which has been acclaimed to be one of the best in the world.” 



He added that: “Access Bank (Ghana) Ltd will stimulate economic growth of the country by partnering with entrepreneurs in Ghana because they are the drivers of economic development. If they receive adequate financial and advisory support for their businesses, the country’s economy will be positively impacted through their improved capacity.”



Also, Herbert Wigwe, Chairman, Board Access Bank (Ghana) Ltd, in his welcome address, emphasised the bank’s commitment to becoming the major anchor for development by leveraging its partnership with international multilateral agencies to accelerate socio – economic development of the country. According to him, “… we come as partners to the people and government of Ghana in the achievement of the developmental objectives of the country. We will accelerate the pace of national development by leveraging our relationship with international multilateral institutions like the FMO, the Dutch ( Development Finance Company), US EXIM Bank, EIB, AFREXIM and other leading and credible international financial organizations to attract critical funding necessary for developmental projects across the sectors of the economy”.



In addition he said: “Our prized expertise in trade finance will also be exported to Ghana to facilitate trade between the country, its neighbours and other regions on the continent while Ghanaians will begin to experience economic empowerment through introduction of innovative banking products and excellent service delivery that will positively impact their lives and the overall economy of the country”.



Access Bank (Ghana) Ltd, is the 8th regional subsidiary of Access Bank Plc (Nig) since the commencement of it’s International expansion program in 2006. The Bank’s head office is situated at 9, La Tebu Crescent, Off Giffard Road, East Cantonment, Accra. The Bank is set to replicate its world-class service culture by empowering citizens through its diverse products and services designed to improve their life styles.



The Bank‘s quality risk profile is attested to by the following ratings - Fitch: BBB (nga) and F3 (nga), S&P: (A-), GCR: AA (-) Long term debt; A1 (+) short term debt and Agusto: A ( -) on its  strong gains in financial performance and growing franchise. The Bank has won numerous international and national awards amongst which are:”the Brand of the Year”, (IFC) award for “Innovation in Trade Structures”, “Most Innovative Bank in Africa”, “Best Website in Nigeria”, the Telecoms “Bank of the Year (Transactions)”, GBA “Most Innovative Bank of the Year” and recently, the Bank’s subsidiary in the UK emerged the winner of the Year 2009 Treasury Today Adams Smith Award for Best Practice and Innovation.


ABOUT ACCESS BANK PLC


Access Bank is one of Africa’s pre – eminent financial services groups, with presence in all sub Sahara Africa’s monetary zones. Specifically, Nigeria, The Gambia, Sierra Leone, Cote d’ Ivoire, Congo Democratic Republic, Ghana, Rwanda and Burundi. The Bank recently expanded beyond the African continent by opening a full – fledged banking subsidiary in the United Kingdom.



To underscore this position, the Bank was last year ranked amongst the world’s Top 1000 Banks, ranking no 359 (in terms of capital) and 11th in Africa by The Financial Times of London’s The Banker Magazine and The African Banker Magazine respectively. The Bank has shareholders funds in excess of $1.3 billion and asset base of over $5.6 billion as at March 31, 2009. The Bank is the 6th largest bank in Nigeria and is currently ranked 10th on the African continent.



ACCESS BANK COMMISIONS GHANA SUBSIDIARY
Access Bank Plc, one of Africa’s pre – eminent financial services groups, has opened a banking subsidiary in Ghana in line with its global expansion initiative. This development is sequel to the approval granted the Access Bank Group in June 2009 by the Bank of Ghana (BOG) to establish a full-fledged banking subsidiary in Ghana.

 


Having fulfilled all regulatory requirements under the Banking Act, 2004 (Act 673), Access Bank (Ghana) Ltd is set to redefine the financial services landscape in Ghana through its globally acknowledged innovative and customer-centric banking services.

 


Access Bank (Ghana) Ltd is the 8th subsidiary of Access Bank on the African continent aside from the group office in Nigeria.  The Bank has presence in Cote D’Ivoire, Sierra Leone, Gambia, Rwanda, Burundi, Congo DRC and a full-fledged banking subsidiary in the UK.

 



Driven by the intent of becoming the major catalyst for growth on the African continent, the Access Bank Group commenced an intelligent expansion strategy in 2007, which has enabled its coverage of the three monetary zones in the sub – Sahara Africa (ECOWAS, SADC & UEMOA) and positioned it for actualization of its objective of becoming the anchor for development on the African continent and beyond. The Bank will leverage its partnership and collaboration with multilateral finance agencies and international development finance institutions.



Access Bank’s entry into Ghana further underscores the Bank’s commitment to actualization of this objective and its resolve to elevate the quality of banking services in the Ghanaian financial services landscape to a world class standard through highly innovative, creative and bespoke financial services solutions. Also, the Bank’s entry will provide a strong base for cross border- trade among countries and facilitate overall economic development and growth of  the region.



Accordingly, the Bank’s operations in Ghana will prompt high level industry commitment to best practice as its governance structure and risk management framework will become the benchmark for global best practice in the industry thus affirming the Bank’s posture as a Bank of Best Practice.



On the mission of the Bank in Ghana, Mr. Daniel Akaba, Country Managing Director, Access Bank (Ghana) Ltd, said:  “Our coming to Ghana signals the beginning of a new era in the annals of banking in Ghana because of the acknowledged reputation of the Access Bank Group in innovation and service excellence. We are poised to deliver world class financial services by leveraging the Group’s robust and time - tested technological platform, which has been acclaimed to be one of the best in the world.” 



He added that: “Access Bank (Ghana) Ltd will stimulate economic growth of the country by partnering with entrepreneurs in Ghana because they are the drivers of economic development. If they receive adequate financial and advisory support for their businesses, the country’s economy will be positively impacted through their improved capacity.”



Also in his welcome address, Herbert Wigwe, Chairman, Board Access Bank (Ghana) Ltd, affirmed the bank’s commitment to becoming the major anchor for economic development in the country by leveraging its partnership with international multilateral agencies to accelerate socio – economic development of the country. According to him, “… we come as partners to the people and government of Ghana in the achievement of the developmental objectives of the country. We will accelerate the pace of national development by leveraging our relationship with international multilateral institutions like the FMO, the Dutch (Development Finance Company), US EXIM Bank, EIB, AFREXIM and other leading and credible international financial organizations to attract critical funding necessary for developmental projects across the sectors of the economy”.



He added that a Board of credible individuals has been assembled to oversee the affairs of Access Bank (Ghana) Ltd and that the Bank will essentially be run by Ghanaians and leverage on the international network, product base and credit lines of Access Bank Group and world-class I.T capabilities to develop a world class institution in the country.


 
“Our prized expertise in trade finance will also be exported to Ghana to facilitate trade between the country, its neighbours and other regions on the continent while Ghanaians will begin to experience economic empowerment through introduction of innovative banking products and excellent service delivery that will positively impact their lives and the overall economy of the country”.




About Access Bank Plc
Access Bank is one of Africa’s pre – eminent financial services groups, established in 1989. The Bank has a full banking subsidiary in the UK and is present in all monetary zones across sub – Sahara Africa. The Bank is listed on the Nigerian Stock Exchange (NSE) with US$5.6 billion total assets as at March 2009 and Shareholders' funds of US$1.3 billion.  The Bank is the 6th largest bank in Nigeria and is currently ranked 10th on the African continent.





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