Access Bank Plc (NGX Ticker: ACCESS) in its strategy to become a strong banking partner across Sub-Saharan Africa, has been acquiring many banks across the continent.
ACCESS have completed several acquisitions in recent times, amongst which are;
- The Bank acquired Gro Bank of South Africa (no Access Bank South Africa). The central Bank of South African granted the approval for the acquisition on the 4th of May, 2021.
- Access Zambia acquired Cavmont Bank Zambia Ltd, the acquisition was completed on the 4th of January, 2021.
- Access Mozambique acquired BancABC Botswana, the acquisition was completed on the 17th of May 2021. The acquisition involved the Bank acquiring 99.997% issued share capital of BancABC in exchange for cash of N9,259,068,053 (Nine billion, two hundred and fifty nine million, sixty eight thousand and fifty three naira) used to pay off the shareholders of former BancABC.
Read also; Access Bank Plc to pay 30 kobo interim dividend for H1 2021
As at 30 June 2021, ACCESS have subsidiaries in 12 countries across Sub-Saharan Africa and the United Kingdom.
- Nigeria: It has 100.00% ownership interest in Access Pension Fund Custodian. It has N2.00bn investment in this subsidiary.
- Gambia: It has 88.00% ownership interest in Access Bank Gambia Limited. It has N7.06bn investment in this subsidiary.
- Sierra Leone: It has 99.19% ownership interest in Access Bank Sierra Leone Limited. It has N3.39bn investment in this subsidiary.
- Rwanda: It has 91.22% ownership interest in Access Bank Rwanda Limited. It has N5.22b investment in this subsidiary.
- Zambia: It has 70.00% ownership interest in Access Bank Zambia. It has N4.27bn investment in this subsidiary.
- United Kingdom: It has 100.00% ownership interest in The Access Bank UK. It has N60.04bn investment in this subsidiary.
- Congo: It has 99.98% ownership interest in Access Bank R.D Congo. It has N13.20bn investment in this subsidiary.
- Ghana: It has 93.40% ownership interest in Access Bank Ghana. It has N32.19bn investment in this subsidiary.
- Guinea: It has 100.00% ownership interest in Access Bank Guinea S.A. Access Guinea has obtained operating license but is yet to commence operations as at end of the reporting period. It has N5.44bn investment in this subsidiary.
- Mozambique: It has 99.98% ownership interest in Access Bank Mozambique. It has N15.30bn investment in this subsidiary.
- Kenya: It has 99.98% ownership interest in Access Bank Kenya. It has N11.61bn investment in this subsidiary.
- South Africa: It has 99.35% ownership interest in Access Bank South Africa. It has N11.41bn investment in this subsidiary.
Generally, ACCESS categorizes its subsidiaries into Geographical segments according to information in its H1 financial statements.
- Nigeria
- Rest of Africa
- Europe
A review of these financial statements shows the revenue and profit before income tax the bank got from its subsidiaries in the period ended 30 June, 2021.
- Total Revenue: N353.73bn came from Nigeria, N64.03bn from Rest of Africa and N30.12bn from Europe.
- Interest Income: N253.80bn came from Nigeria, N47.11bn from Rest of Africa and N20.74bn from Europe.
- Profit Before Income Tax: N59.34bn came from Nigeria, N22.82bn from Rest of Africa, and N15.32bn from Europe.
- Total Assets: N8.48tn of the Bank’s asset is in Nigeria, N1.05tn is in Rest of Africa and N1.15tn in Europe.
- Total Liabilities: Nigeria holds N7.86tn of the Bank’s liabilities, N873.38bn is held by Rest of Africa, and N992.06bn held by Europe.
Holding 79.34% of the Bank’s total assets, Nigeria accounted for 78.97% of its total revenue, and 60.87% of the Profit before income tax.
With just 9.88% of the Bank’s assets, Rest of Africa brought in 14.29% of the total revenue and 23.40% of the Profit before income tax.
Europe held 10.76% of the assets, accounted for 6.72% of the total revenue and 15.71% of it Profit before income tax.
Nnamdi Maduakor is a Writer, Investor and Entrepreneur