LAGOS: Access Bank Plc, Nigeria ’s 6th largest bank by assets has further consolidated its operations on the African continent with the opening of a full – fledged banking subsidiary in Zambia after fulfilling all regulatory requirements.
This development demonstrates the commitment of the management of the Bank to the socio – economic development of the continent through intelligent expansion across the regions.
The Bank was formally opened by the Ag. President of the Republic of Zambia , His Excellency, Mr. Rupiah Banda, with the Governor, Bank of Zambia , Dr. Caleb Fundanga, Minister of Finance and National Planning, Hon. N’gandu Magande, Minister of Commerce and Trade, Hon. Felix Mutati, Nigerian High Commissioner, Mrs. Folake Bello – Marcus, Chief Executives of Financial Institutions and the business community.
Speaking at the ceremony, Mr. Rupiah Banda, Ag. President, Republic of Zambia expressed satisfaction at the coming of the Bank into Zambia and its intention to partner with the government and people of Zambia in the realisation of the developmental objectives of the country.
He added that the socio - economic climate in Zambia is conducive for business and assured the bank that the government of country will continue to make the country attractive to investors through implementation of economic friendly policies and people – oriented programmes.
In his speech, the Chairman of Access Bank ( Zambia ) Ltd, Mr. Caleb Mulenga, assured Zambians of the immense benefits that the entry of the bank will bring to them and other economies in the SADC region, and enjoined Zambians to patronise the Bank.
“With the entry of Access Bank into Zambia , pace of economic development will become accelerated because this is a bank with high entrepreneurial spirit and commitment to economic development”.
Earlier, Mr. Herbert Wigwe , the Group Deputy Managing Director, Access Bank, in his address, expressed appreciation for the confidence reposed in the Board and Management of the bank by the government and people of Zambia by granting it an operational license.
He assured the government and the people of Zambia of a partnership that will participate in the development of the country and its economy and citizens.
He added that Access Bank is firmly positioned as Africa ’s Bank of Best practice, and through this consciousness the bank will enhance the ethical standards in the Zambian financial service industry.
He added that Access Bank will constitute the anchor for the trade that exists between the SADC and the East African region, particularly because of the entrepreneurial spirit as a company committed not only to large corporates but also small scale businesses and individuals.
He said further that a Board of credible individuals has been assembled to oversee the affairs of Access Bank (Zambia) Ltd and that the Bank will essentially be run by Zambians and leverage on the international network, product base and credit lines of Access Bank Plc and world – class I.T capabilities to develop a world class institution in Zambia.
Access Bank through its operations in Zambia has made a grand entry into the SADC region after a recent announcement of its acquisition of Omnifinance Bank, Cote d’Ivoire, Bancor Bank, Rwanda , Banque Privée Du Congo spread across the Western, Central and Eastern African sub-regions respectively.
This development provides the Zambian economy with its 1st major opportunity of interacting with a West African bank and is also the 1st major investment by a West African company in a country that is virtually controlled by foreign interests.
Access Bank’s expansion into the SADC region is consistent with its growth strategy of becoming a major catalyst for growth across the entire African continent by leveraging its partnership and collaboration with multilateral finance agencies and international development finance institutions.
By this entry, Access Bank will constitute the anchor for economic growth and development in the region.
Access Bank ( Zambia ) Ltd is the 7th regional subsidiary of Access Bank Plc (Nig) since the commencement of its African expansion drive in 2006. The Bank is situated at 746, Cairo Road (North end), former ERZ Building , Lusaka , Zambia . Access Bank holds a controlling 75% stake in Access Bank ( Zambia ) Ltd while a consortium of Zambian investors holds the remaining 25%.
The Bank is set to replicate its world-class service culture by empowering citizens through its diverse products and services designed to improve their life styles.
The Bank is also committed to leveraging its international alliances and partnerships for the benefit of the Zambian economy by attracting critical financing that will contribute to the socio – economic growth objectives of the country. Particularly, Access Bank is in partnership with the IFC International Finance Corporation (IFC) to provide capacity development and managerial assistance to women in Business.
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