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Banking Sector

Access Bank to Delist from NGX as it Transforms to a Holding Company

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In a bid to expand its offerings and deepen business reach, Access Bank Plc has perfected plans to transform into a holding company like FBN Holdings and Guaranty Trust Holding Co Plc (GTCO).

In line with the Scheme of Arrangement dated November 19, 2021, Access Bank’s 35,545,225,622 ordinary shares of 50 kobo each issued and paid-up capital of the bank held by shareholders will now be transferred to Access Bank Holdings Plc in exchange for equal ordinary shares of 50 kobo each in the bank as fully paid without any further act or deed.

The bank disclosed this in a statement titled “Resolutions Passed at Access Bank Plc’s Court-Ordered Meeting“.

At the meeting ordered by the court between the bank and registered shareholders held on 16 December 2021, the Board of Directors of Access Bank was authorised to take all necessary action to delist the shares of the Bank from the official list of Nigerian Exchange Limited.

The two parties also agreed that the Board of Directors amends the Memorandum and Articles of the Bank as set out in the Annexure of the latest notice.

About Access Bank

In the last 26 years, Access Bank Plc has evolved from an obscure Nigerian Bank into a world-class African financial institution. Today, Access Bank is one of the five largest banks in Nigeria in terms of assets, loans, deposits and branch network; a feat which has been achieved through a robust long-term approach to client solutions – providing committed and innovative advice.

Access Bank has built its strength and success in corporate banking and is now applying that expertise to the personal and business banking platforms it acquired from Nigeria’s International Commercial bank in 2012. The next two years were spent integrating the business, investing in infrastructure and strengthening the product offer.

As part of its continued growth strategy, Access Bank is focused on mainstreaming sustainable business practices into its operations. The Bank strives to deliver sustainable economic growth that is profitable, environmentally responsible, and socially relevant.

Access Bank Awards in 2021

  • Best Mobile Banking App Nigeria 2021 – Finance Derivative Awards.
  • Best CSR Bank Nigeria 2021 – Finance Derivative Awards.
  • Best Banking CEO Of The Year Africa – International Banker Awards
  • Best Commercial Bank Nigeria – International Banker Awards
  • Sustainable Bank of the Year Africa – International Banker Awards

 

CEO/Founder Investors King Ltd, a foreign exchange research analyst, contributing author on New York-based Talk Markets and Investing.com, with over a decade experience in the global financial markets.

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Banking Sector

We Are Not Affiliated With Access Capital Investment Platform, Access Bank Warns

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The management of Access Bank Plc has issued a disclaimer in respect of the Access Capital Investment Platform which has been circulating.

The bank, which dissociates itself and its subsidiaries from the investment platform noted that the online investment entity has been soliciting members of the public to invest in its Access Capital Investment products promising mouth-watering returns on investment.

“By this disclaimer, Access Bank Plc wishes to dissociate itself, affiliates, subsidiaries and/or proxies from the activities, contract, claims or business engagements of Access Capital Investment Platform”, the bank said.

The bank further stressed that “Access Capital Investment Platform is not an affiliate nor subsidiary of Access Bank Plc and it would be at the risk of anyone who invests in any of the Access Capital Investment packages/products, as Access Bank Plc would not be responsible for any loss, damages, refund whatsoever that may arise therefrom”.

According to Access bank, relevant law enforcement and regulatory agencies have been notified of this disclaimer.

Investors King reports that there are lots of fake investments platforms in Nigeria. These platforms offer unsuspecting members of the public investments return that are too good to be true.

Most times, they offer fake – but often convincing – opportunity to make a profit after they hand over a sum of money. They pretend to be representing a legitimate and trusted investment group and pressurize their victims into making a rushed decision.

Usually, these fraudsters use platforms such as Facebook, Instagram and Twitter to lure people into investing in cryptocurrencies, foreign exchange and binary options and often have convincing social media profiles or websites with fake reviews. Some of them even pay people to write fake reviews for them.

Recall that Investors King had earlier reported that the Minister of Humanitarian Affairs, Disaster Management and Social Development, Hajiya Sadiya Umar Farouq warned the beneficiaries of the N-Power scheme not to participate in any unverified investment scheme.

She had noted, in a statement, that the ministry is aware of the current fraudulent investment scheme trending on social media and therefore, urged N-power beneficiaries not to fall victim.

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Banking Sector

Parallex Bank Limited Promises Limitless Possibilities

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Parallex Bank

The latest entrant into the commercial banking industry in Nigeria, Parallex Bank has officially launched on Friday, January 14, 2022, with the promise to redefine the banking landscape in Nigeria and Africa at large. The bank launch was graced by several dignitaries from both the private and public sector. Also in attendance were several celebrities who witnessed the unveiling of the bank’s logo.

Introducing the bank to the gathering at the bank’s headquarters in Victoria Island Lagos, the chairman of the bank, Dr. Adeola Phillips said Parallex Bank is here to make a unique statement about what innovation can do in an industry that is constantly reinventing.  She further stated that the bank will operate broadly with a competitive mindset, to disrupt the market and delight customers with very attractive offers. The goal is to empower the banking public and to drive convenient and efficient commerce through the bank digital platforms. She added that the Parallex mobile app offers customers the freedom to do much more. The app will eliminate inconveniencies and hardships often faced by customers while carrying out transactions.

Corroborating the Chairman’s claims, the Managing Director of Parallex Bank, Mr. Olufemi Bakre, popularly known as Mayor, said the bank’s promise to its customers is to be an enabler of limitless banking. He established that Parallex Bank is the first bank in Nigeria to migrate from a microfinance bank to a commercial bank. He is convinced that Parallex Bank limited will achieve more as the bank partners with customers to explore more business opportunities.

Mr Olufemi said the vision of Parallex Bank is to be the preferred financial solution provider redefining customer experience through innovation. He assured customers of excellent banking products and services stating that the bank offerings are designed to address the yearnings of Nigerians. With a strong ecosystem anchored around the customer, Mr Femi informed the guests that the bank has a robust product portfolio that is customer focused, innovative and simple.

According to him, the Parallex mobile app has unique features and benefits that are quite rare in this market. On the app, customers can choose to create their unique account numbers, increase their transfer limits, make five free transfers per day to any bank in Nigeria. They can request for free debit cards, which will be delivered to them for free. They will receive prompt responses to enquiries.

Beyond the app, Mayor added that customers will enjoy zero maintenance fees while current account holders will further enjoy up to 5% interest rate provided, they maintain a minimum average balance of N100,000.

 

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Banking Sector

Stanbic IBTC Seeks Approval to Establish a Fintech Subsidiary

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Stanbic IBTC - investorsking.com

In a bid to cut costs and turn around its declining profitability, Stanbic IBTC Holdings Plc has announced plans to seek regulatory approval for the establishment of a Fintech subsidiary.

The new financial services unit will be called Stanbic IBTC Financial Services Limited, the bank disclosed in a statement signed by Chidi Okezie, Company Secretary and seen by Investors King.

This is coming a few days after Standard Chartered Bank announced it was shutting down 50 percent of its Nigerian branches in a move to digitalise operations and reduce operating costs.

According to Stanbic IBTC, the new fintech company will operate as a Payment Solution Service Provider (PSSP) upon regulatory approvals, including licensing by the Central Bank of Nigeria.

Stanbic IBTC Holdings Plc reported a 40 percent decline in profit in the first nine months of 2021, its lowest in four years. Profit after tax dropped from N66.2 Billion reported in 2020 to N39.9 billion in 2021. Profit before tax also dipped by 41 percent from N76.9 billion in 2020 to N45.3 billion in 2021.

Dr. Demola Sogunle, Chief Executive Officer of Stanbic IBTC, who commented on the bank’s performance and plans for the future in October 2021, hinted at the bank’s plans to go digital and restructure some of its key units.

He said “in line with our core value of delivering value to our shareholders, the restructuring will advance the execution of our digital business transformation and enable us to achieve accelerated future readiness for the business and growth through effective mining of the client ecosystems propelled by a future-ready workforce. We continue to make progress in supporting the financial needs of our communities in the third quarter of 2021. Investing to advance tree planting exercise, youth, and women empowerment through donations, sponsorships and partnerships, library upgrade and renovation, hospital unit refurbishment, amongst others.”

As expected, using financial technology to deliver banking services would help Stanbic access the unbanked population, improve quality of service, enhance delivery and most importantly cut costs across the board.

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