Sunday, February 06, 2011
In recognition of Access Bank’s long standing contribution to the development of the financial markets across Africa , the Board of Directors of the International Swaps and Derivatives Association (“ISDA”) has unanimously elected to admit the Bank to Primary Membership of the Association.
Primary membership of the Association is only extended to eligible institutions dealing in derivatives for purposes other than ‘risk hedging or asset or liability management. ISDA primary members include the largest swap and derivatives dealers such as JP Morgan Chase, Deutsche Bank and Goldman Sachs. Access Bank is the 1st African bank outside South Africa to be admitted to the membership of this elite organisation.
Commenting on this development, Aigboje Aig-Imoukhuede, Access Bank’s Group Managing Director said “Our admittance to primary membership of the ISDA reflects our ongoing presence in the domestic market and complements the efforts of the Central Bank of Nigeria in developing the Nigerian foreign exchange markets as evidenced by its recently released ‘Guidelines for FX Derivatives and Modalities for CBN FX Forwards’”.
“We consider our membership of the ISDA to be a strong reflection of Access Bank’s leadership in the financial markets and intend to leverage the inherent opportunities presented by the ISDA platform to showcase the attractiveness of the Nigerian financial system to the international financial community.”
Chartered in 1985 with about 800 member institutions – of which only 209 are primary members - from across 54 countries, ISDA has pioneered numerous initiatives aimed at identifying and reducing the sources of risk in the derivatives and risk management business. The Association’s membership is also extended to global businesses, governmental entities and other users that rely on over-the-counter derivatives to efficiently manage the financial risks inherent in their core economic activities.
It is evident that Access Bank’s membership of this reputation association will enhance the Bank’s capacity and add significant value to its business operations.
Fafore Olusegun Michael, Access Bank PR and Media unit,
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