Access Bank, ABN-AMRO To Manage Foreign Reserves

Proshare

June 20, 2006

 

 

 

<p style="text-align: justify;"><span style="color: rgb(153, 153, 153);"><span style="font-size: x-small;"><span style="font-family: Verdana;"><em>June 20, 2006/independent</em></span></span></span></p>
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<p style="text-align: justify;"><span style="font-size: small;"><span style="font-family: Verdana;">Access Bank and its joint venture partners, Nederlands Financierings-Maatschappij voor Ontwikkelingslanden (FMO), are to team up with ABN AMRO to manage Nigeria\'s foreign reserves.<br />
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A letter signed at the weekend by Access Managing Director and Chief Executive Officer, Aigboje Aig-Imoukhuede and his FMO counterpart, Arthur Arnold, said the partnership would create a Nigerian domiciled asset manager.<br />
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And it would provide a model for others to follow in real foreign reserves management. <br />
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The venture will be registered and supervised in Nigeria and work directly with ABN AMRO Asset Management to transfer knowledge and capacity. <br />
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The Central Bank of Nigeria (CBN) recently leveraged the management of the external reserves so as to develop the financial services industry. <br />
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By this, it provided an opportunity to create partnerships for the management of part of the reserves between foreign financial institutions and Nigerian banks, which will result in the local banks becoming credible and respected players on the international stage.<br />
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Access Bank and FMO have extended their long term relationship through the venture, culminating in the management of the juicy reserves. <br />
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<p style="text-align: justify;"><span style="font-size: small;"><span style="font-family: Verdana;">FMO is equiped as an Entrepreneurial Development Bank with an AAA-risk rating by Standard &amp; Poor\'s.<br />
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<p style="text-align: justify;"><span style="font-size: small;"><span style="font-family: Verdana;">It has a capital base of $1.2 billion, total assets ($2.6 billion), equity stake of $15 million in Access Bank, and has mobilised funds for Nigeria in excess of $500 million.<br />
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<p style="text-align: justify;"><span style="font-size: small;"><span style="font-family: Verdana;">Access has a shareholders\' funds in excess of N25 billion, total assets and contingents of over N200 billion, and is a DMO appointed primary dealer in government bonds, CBN appointed settlement bank and has an A-risk rating. <br />
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ABN AMRO Asset Management is bringing to the table a wealth of experience in funds under the management of $227 billion in the first quarter of 2006.<br />
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<p style="text-align: justify;"><span style="font-size: small;"><span style="font-family: Verdana;">It manages assets in 27 locations worldwide and is a member of the ABN AMRO Group.<br />
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<p style="text-align: justify;"><span style="font-size: small;"><span style="font-family: Verdana;">It has a group total assets of $1.0 trillion, group capital base of $51 billion and an AA-group risk rating from both S&amp;P and Fitch. <br />
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<p style="text-align: justify;"><span style="font-size: small;"><span style="font-family: Verdana;">The bank has 3,500 branches in over 60 countries and is a global financial institution with a history dating back to 1824. <br />
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<p style="text-align: justify;"><span style="font-size: small;"><span style="font-family: Verdana;">Its rich and diverse culture draws upon expertise and experience from around the world. <br />
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<p style="text-align: justify;"><span style="font-size: small;"><span style="font-family: Verdana;">Based in The Netherlands, it operates in more than 60 countries, employs around 97,000 people and had total assets of more than EUR 899.3 billion as of 30 September 2005.<br />
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<p style="text-align: justify;"><span style="font-size: small;"><span style="font-family: Verdana;">ABN AMRO is listed on the Euronext Amsterdam and the New York Stock Exchanges. Its shares are included in many world indices, including the MSCI Banking Index and FTSE Euro Top 100. </span></span></p>

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