Access Bank, Nigeria’s fourth-largest bank by assets, is considering expanding into new markets in Europe and Asia as it targets achieving 20% of revenue overseas by 2018. The bank’s chief executive Herbert Wigwe told reporters this on Wednesday in Dubai.
According to him, the plan is to increase its revenues from foreign markets to 20% of revenue from 10% through organic means rather than new acquisitions. By relying on organic growth the bank hopes to use profits to drive its expansion plans hitting new markets one or two at a time.
“Global expansion is being done very carefully, taking into account our moderate risk appetite….we will not be expanding very quickly but most likely are looking at one or two countries a year.” Access Bank’s only presence in Europe is actually in its UK. It however has other branches in Ghana, Rwanda, Zambia, Gambia, Sierra Leone, RD Congo
Access Bank in its 2014 Annual report showed it had about 9 subsidiaries outside Nigeria with a combined revenue of N23.8 billion and about N6.2 billion in profit after tax. It’s Ghana subsidiary, Access Bank Ghana posted about N4.8billion in profits or about 77% of its overseas profits.
Access Bank is also reported to be seeking approval to offer trade finance and other services from its Dubai office in the future.