Access Bank PLC, commonly known as Access Bank, is a Nigerian multinational commercial bank, owned by Access Bank Group. It is licensed by the Central Bank of Nigeria, the national banking regulator.
Originally a corporate bank, the organization acquired personal and business banking platforms from Nigeria’s International Commercial bank in 2012. Access Bank is presently one of the five largest banks in Nigeria in terms of assets, loans, deposits and branch network.
The bank’s headquarters is located in the city of Lagos,
Access Bank plc is a large financial-services provider. As of December 2015, the bank had an asset base in excess of US$12.2 billion (NGN:2.412 trillion), and shareholders’ equity valued at approximately US$1.86 billion (NGN:367.8 billion).
The bank received its license from the Central Bank of Nigeria in 1989, and listed on the Nigerian Stock Exchange in 1998.
- 2002: Access Bank was taken over by a core of new management led by Aigboje Aig-Imoukhuede and Herbert Wigwe.
- 2005: Access Bank acquired Marina Bank and Capital Bank (formerly commercial bank Crédit Lyonnais Nigeria) by merger.
- 2007: Access Bank established a subsidiary in Banjul, The Gambia. This bank now has a head office and four branches, and the bank has pledged to open another four branches.
- 2008: Access Bank acquired 88% of the shares of Omnifinance Bank, which was established in 1996. It also acquired 90% of Banque Privée du Congo, which South African investors had established in 2002. Access Bank acquired 75% of the shares of Bancor SA, in Rwanda. Bancor had been established in 1995 and reorganized in 2001. In September, Access Bank opened a subsidiary in Freetown, Sierra Leone, and then in October, the bank opened subsidiaries in Lusaka, Zambia and in London, United Kingdom.
- 2008: Finbank (Burundi) joined the Access Bank network, but exited the group in 2014.
- 2011: Access Bank was in talks with the Central Bank of Nigeria to acquire Intercontinental Bank plc.
- Intercontinental Bank became a subsidiary of Access Bank plc, which recapitalized the former and acquired a 75% majority interest in its stock.
- The combined effect of the restoration of Net Asset Value (NAV) to zero by AMCON and N50billion capital injection by Access Bank plc is that Intercontinental Bank now operates as a well-capitalized bank, with shareholders funds of N50billion and Capital Adequacy Ratio (CAR) of 24%, well above the 10% regulatory threshold.
- January 2012: Access Bank announced the conclusion of its acquisition of the former Intercontinental Bank, creating an expanded Access Bank, one of the largest four commercial banks in Nigeria with over 5.7 million customers, 309 branches and over 1,600 Automated Teller Machines (ATMs).