Congrats Access Bank Nigeria Plc as Grobank South Africa becomes Access Bank South Africa Limited. This is a good win for Nigeria as in the past, it used to be South African banks buying Nigerian ones. Today, Nigerian banks have confidence and that is amazing. Welcome Access Bank South Africa Limited. Access Bank Nigeria recently took a controlling stake in Grobank, hence the name change of the South African lender.
Access Bank continues to look for more assets to buy in Africa, trying to make up for the gap which United Bank for Africa has opened within the big 4, in the race for the most AfCFTA-ready Nigerian banking institution.
CEO of Grobank Bennie van Rooy said, “This is an extremely exciting day for the South African banking industry. Our corporate customers will now have increased access to trade finance, treasury, international payments and loans through the wider distribution network offered by Access Bank’s presence in the key trade corridors that connect Africa to the rest of the world.
“Banking with Access Bank South Africa means greater security as well as access to more products and services through a best-in-class digital platform, and a full retail banking suite will soon be on offer.”
Herbert Wigwe, CEO of Access Bank Plc, said: “Today’s ceremony in South Africa seals our commitment to delivering our strategic aspirations of becoming Africa’s Gateway to the World, in line with our vision to be the World’s Most Respected African Bank.
“We look forward to the many opportunities our collective experience and deep understanding of the African market brings to our valued clients, and the journey ahead being one of great promise for our institution and the continent.”
As they teach in business school, these remain core ways to new markets: buy local firms, do joint ventures with local firms, and start from scratch. In the next few years, we will see which one is better for Nigerian banks as they plot expansions in Africa.
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Big Congratulations to Access Bank, South Africa. Great development for South Africa and the entire continent, in line with African Continental Free Trade Area (AfCFTA) and intra-African trade. A major oil in the engine for Africa’s development and strategic positioning.
We will assess the banks based on how easy and cheap it is to move funds across Africa, everything else is just festival of physical footprints.
We wish them well.