29th February, 2020
Access Bank Plc’s merger with Diamond Bank in April 2019 and its recent expansion into the East African market have started to yield results. Now it has been named as one of the top 500 global banking brands, according to leading business valuation and strategy consultancy, Brand Finance.
Access Bank has, according to its website, demonstrated growth since it was last ranked as the fifth most valuable Nigerian bank in the 2017 Banking 500 report. The Bank now ranks second with a valuation of $242 million.
The Bank’s valuation, as the report indicates, comes on the back of its successful merger with Diamond Bank in April 2019, and its recent expansion into the East African market. The nine-month post-merger financial results posted by the Bank showed gross earnings of N513 billion, an increase of 37 percent above the N375.2 billion recorded within the same time frame in 2018.
Further analysis of the results showed the Bank’s asset base remained strong and diversified, growing by 33 percent to N6.6 trillion as at September 2019, up from N4.95 trillion as of December 31, 2018.
The Group Managing Director, Access Bank Plc., talking about the Bank’s growth trajectory, said, “In the last twelve months, Access Bank has grown into a powerhouse in the Nigerian and indeed, African banking industry. We are happy with all the successes recorded so far, and we hope to reach and surpass other targets we have set for ourselves. Access Bank will continue on its journey to becoming Africa’s gateway to the world, through strategic expansion into new and emerging markets within and outside Africa and providing best in-class customer experience.”
He went further to urge investors and other stakeholders to keep their faith in the Bank, reassuring that the Bank will stay true to its values of ethical and sustainable banking practices. “Access Bank will continue to innovate and remain profitable while offering value to all investors and stakeholders. As we strive to expand our business operations, we will remain true to our core values of sustainable banking and adherence to global best practices,” Wigwe concluded.
-Published in the United Kingdom, the Banking 500 Report is an annual ranking of the world’s strongest and most valuable banking brands.