Access Bank completes transformation to holding company

Access Bank MD Herbert Wigwe

Access Bank on Monday completed its 19-month long evolution to a holding company now known as Access Holdings Plc.

The company’s entire 35.5 billion outstanding shares were delisted from the daily official list of the Nigerian Exchange and relisted under the new parent company.

CEO Herbert Wigwe said at a recent investor call that Access Holdings plans to strengthen its services in countries with stronger currencies out of the 16 markets it operates in including the United Kingdom, Kenya, Botswana and Ghana in order to stabilise earnings in its home market.

The holding company structure frees each of the companies in the group from the liability or debt settlement obligation of another company in the event that the latter becomes insolvent.

Other banks that have adopted the structure include FBN Holdings, Stanbic IBTC Holdings, the FCMB Group as well as Guaranty Trust Holding Company.

Access Holdings on Monday announced key appointments across the boards of both the commercial banking arm and the group.

Roosevelt Ogbonna, the immediate past deputy managing director, has been appointed managing director/CEO. Mr Ogbonna replaces Wigwe, who is to take a higher role as group managing director.

Victor Etuokwu has been appointed deputy managing director, retail north. Chizoma Okoli is now deputy managing director, retail south.

Wigwe, who has been the bank’s managing director since 2014, is now group managing director/CEO Access Holdings Plc while Bababode Osunkoya has been appointed chairman of Access Holdings Plc.