One of Nigeria’s largest banks by assets, Access Bank, has reportedly announced plans to set up operations in Morocco as part of its pan-African expansion.
The development comes as the bank became the first bank in Nigeria to surpass the Central Bank of Nigeria (CBN) capital requirement target, raising $228 million in a rights issue of 17.8 billion ordinary shares.
According to reports, the capital raise has put Access Bank’s share at N600 billion or $387.4 million, representing 20% more than the minimum requirement for banks in Nigeria with international operations.
The Morocco World News reports that Access Bank has secured approvals from the CBN and the Securities and Exchange Commission (SEC) for the fundraising.
The foray into Morocco is part of the bank’s broader strategy to double its international assets by 2027.
Access Bank sees Morocco as a strategic gateway between Sub-Saharan Africa and Europe, placing it as an essential platform for boosting South-South economic exchanges.
Reports say the move is part of Access Bank’s broader $1.5 billion fundraising plan, which aims to support its expansion into North Africa, Egypt, and the US.
The bank has already committed to continental growth via recent acquisitions, including Standard Chartered Bank’s operations in Angola and Sierra Leone.
It also expects approval from the Central Bank of Kenya (CBK) to acquire Kenya’s Commercial Bank’s share in the National Bank of Kenya, which may be concluded by March 2025.
Access Bank maintains a prominent presence in Africa and beyond. It operates in 24 countries across three continents, with over 700 branches and service points, serving about 60 million customers.
Access Bank’s shares have maintained strong performance, increasing 6.7% in Lagos in 2024 after doubling in value in 2023.
Additionally, the bank has agreed to acquire Bidvest Bank Holding Limited for about $159 million to boost its presence in South Africa.
TimesNow.com.ng reports that Access Bank UK Limited has set up operations in Malta.
Reports say the European Central Bank and the Maltese financial regulators approved the banking license application.
The approval of Access Bank Malta Limited has been seen as transformative in boosting Europe-Asia trade flows.
Source: TimesNow.com.ng
