- Access Bank Divests From Stanbic IBTC Pension Managers
Access Bank Plc has finally divested from Stanbic IBTC Pension Managers Limited following a directive from the Central Bank of Nigeria.
This development, it was learnt, was in compliance with the CBN regulation on the scope of banking activities and ancillary matters No.3, 2010.
The Board of Directors of the bank had also sold the bank’s 17.65 per cent equity shareholding in Stanbic IBTC Pension Managers to the company’s majority shareholder – Stanbic IBTC Holdings Plc.
The Access Bank Board of Directors confirmed receiving all regulatory approvals for the share sales.
The bank notified the Nigerian Stock Exchange of the transaction in view of the possible material effect it could have on the value of Access Bank’s securities listed on the Exchange.
The disclosure is subject to the provisions of Rule 17 of the NSE Rule Book 2015 and Rule 187 of the Rules and Regulations of the Securities and Exchange Commission 2013, which require the disclosure of material non-public information to the Exchange.
Access Bank grew its loans and advances by 74 per cent between 2013 and 2015, the Group Managing Director/Chief Executive Officer of the bank, Herbert Wigwe, said.
Specifically, the loans and advances’ figures of the bank rose from N810.8bn to N1.41tn between 2013 and 2015.
Wigwe said the lender also grew its total asset by 41 per cent from N1.84tn to N2.59tn between 2013 and 2015, while customer deposits rose by 26 per cent from N1.33tn to N1.68tn.
The bank’s net interest income for the period, he said, appreciated by 36 per cent from N77.7bn to N105.4bn, while profit before tax soared by 72 per cent to N75bn from N43.5bn.
Since 2013, Wigwe said Access Bank had driven its bold strategy through increased focus on the transformation of its operating model, stressing, “Our goal is to be ranked in the top-three position in our chosen markets and across key financial metrics by 2017.
“Our strategy continues to drive customer growth and profitability, and our consistent growth in the PBT is largely benefitting from improved operating efficiency.
“By 2017, we want to be the world’s most respected African bank. This year, we set the target to be a high-performing Nigerian diversified banking leader.”
Part of the bank’s strategic objectives, he noted, was to create a holistic customer experience architecture and advanced analytics; enhance account management through customer insight.
In addition, the bank’s CEO said the lender hoped to achieve optimal Information Technology resource planning and utilisation capability, while leveraging digital banking to optimise the value chain.
The bank’s key initiatives, according to him, are to develop a proactive risk management culture with moderate risk appetite; adopt risk-based performance measurement/reward through risk-adjusted return on capital methods; and operate a disciplined capital plan in alignment with the bank’s five-year rolling strategic plan.