Simon Kolawole
5 March 2008
London — Access Bank Plc of Nigeria will soon have branches in Zambia, Congo, Cote d'Ivoire and other African countries as part of its aggressive pan African expansion vision.
The bank will also open its London, UK branch this year in its attempt to be a reference point for African banks operating in the global market.
These plans were revealed to the bank's investors yesterday at its inaugural forum for Global Institutional Investors held at The Dorchester, London - the first such forum for foreign investors by a Nigerian bank.
Mr. Aigboje Aig-Imoukhuede, Access Bank's Group Managing Director/CEO, said the bank was targeting post-conflict African countries such as Congo, Rwanda and Burundi for expansion because of the potential for political stability and economic growth.
"After a war, experience shows that the probably of another war is lower. This offers a good ground for investment and growth," he said, pointing out that Zambian government officials recently paid a visit to the government of Nigeria because of the investment Access Bank is pumping into the economy.
Already, the bank is in Sierra Leone and The Gambia - and it is currently rated one of the top four banks in The Gambia even though its foray into the country is barely up to a year.
Aig-Imoukhuede told the audience, representing over 200 foreign institutional investors in the bank, that Access Bank's target was to be one of the top five banks "out of Africa" that will compete favourably with HSBC, one of the world's largest commercial banks, "in the next 20 to 30 years".
He also said because of the recruitment policy of the bank and its emphasis on human resource development, "the bank will in the next five years boast of over 6000 employees in its global operations that will be rated among the best and brightest not just in Africa but all over the world".
Explaining the rationale behind the investors' forum, he said a similar event is held for local investors in Nigeria every year and there also was the need to carry along the foreign investors who hold over 15 per cent of the bank's stocks.
"The market is very competitive," he said. "If you do not communicate effectively with your investors, you will get punished. Investors will certainly reward those who communicate well with them."
He said the bank was working in conjunction with Africa Practice and Financial Dynamics (APFD) to establish a global-standard investor relations profile.
"This marks a milestone in the bank's development and commitment to applying best practice in the way we communicate to our stakeholders, it also reflects the bank's increasing international profile and fast expanding international investor shareholder base," he said.
He presented a progress report on the bank, announcing that from 10,000 shareholders in 2002 when the current management took over the old Access Bank, there are now over 500,000 shareholders with forecasts that this will grow to 2.5 million in the next two years.
The bank's shareholders funds have also grown from N25 billion in 2005 to over N160 billion last year, he said.
"By all indices, we are the most efficient bank in Nigeria," he said, informing the audience that the bank was recently named joint winner of the Brand of the Year Award by THISDAY.
"We were named along with Coca-Cola, which is the kind of company we like to keep," he said.
"In the years to come, we will not only be an awesome competitor, we will be an incredible competitor," he declared.
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Good to have a "world class standard" Bank fianally in Zambia.I want to be part of your proactive growth in our country. When you start the recruitment, please vail me your contact details so that i can forward my CV. All the best.
Good to have a "world class standard" Bank finally in Zambia.I want to be part of your growth in our country. When you start the recruiting, please vail me your contact details so that i can forward my CV.am in IT department. All the best.
thank you for considering openninmg the branches in zambia. is there a possibility of having branches in the copperbelt particularly in ndola?
it is a timely move for Access Bank to come to Zambia.You Have come at time our country is being faced with unspeakable unmployment not because jobs are not available but bacause of the selaction mode being used on the few opportunities.there is too much corruption.Please make available An E-mail address so that we can forward our CVs.Elija lubula ,
woodlands ,Lusaka,Zambia
I would like to appreciate your contribution to our country, Zambia. Do you still have places for people to work in you bank as sales representatives or clerks? please, am in need of a chance, MEK, Luaska.
THANKS VERY VERY MUCH FOR CONSIDERING OPENING A BRANCH IN ZAMBIA. IT IS A VERY WELL COME MOVE HELP JOB CREATION AND ALIVIATE POVERT IN OUR STABLE AND PEACEFUL COUNTRY WITH ITS CURRENT STABLE ECONOMY.
DAVID CHIFUNA
i would love to air my sincere gratitude on the thought of us zambians.
Opening of the Access Bank will not just improve our economy but it will create job opportunities among other things.
I would like to age the board and all those responsible for employing the zambian citizens to look at the graduates with diplomas and degrees who have no jobs.
corruption should not be allowed.thank you Nigerians we love you. MWILA MARIA CHUMBU, WOODLANDS, LUSAKA.
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This is very encouraging especially that is faced with a lot of unemployment crisis, Please assist with email address where CVs can be forwarded for propective jobs thanks.