Herbert Wigwe, Access Holdings GCEO
Why Access Bank Bought Insurance Company, Banks in Two Countries – Herbert Wigwe, GCEO
The Group Chief Executive Officer, GCEO, of Access Holdings, Herbert Wigwe, has given reasons for the bank’s recent acquisition in different countries.
Indeed, Access Holdings, the parent company of Access Bank and one of the biggest banks in Nigeria, recently made three significant acquisitions, which include two banks, a fintech, and an insurance firm.
In different statements published on the Nigerian Exchange, Wigwe explained the acquisition and outlined plans for the future.
Wigwe said Access Bank is determined to become the best financial institution in Nigeria, with branches in at least 20 African countries.
Specifically, on the acquisition of Megatech Insurance Brokers Limited, an insurance brokerage company, Wigwe said: “This acquisition is a natural step in our evolution as a globally connected community and ecosystem and aligns with our mission to build and sustain one global platform, open for anyone to join where people can be connected to exceptional opportunities.
“Megatech will strive to create a world where risk is efficiently managed so that we can confidently seek and seize growth opportunities.”
He added that the company will design and provide intelligent solutions that mitigate the unique risks individuals and businesses face in an ever-changing world using leading risk management tools and governance standards.
Access Bank acquires banks in Zambia and Uganda Access Bank, through its subsidiary Access Bank Zambia Limited, completed its acquisition of African Banking Corporation Zambia Limited, trading as Atlas Mara Zambia, after obtaining all requisite regulatory approvals.
Wigwe said: “This represents a major achievement for Access Bank Plc in our pursuit of becoming the most esteemed African bank globally.
“We’re well-positioned for success, aligning the strong brands, extensive history, common values, and top-notch strategies of both entities to generate opportunities that benefit all stakeholders across Zambia and the SADC region.”
Another major deal is the agreement reached to acquire 80% of Finance Trust Bank Limited (FTB) in Uganda.
Wigwe said, “We are building a strong and sustainable franchise to support economic prosperity, encourage Africa trade, advance financial inclusion thereby empowering many to achieve their financial dreams.
“The expansion to Uganda will support the realization of our aspiration to become Africa’s payment gateway to the world.”
Indeed, another recent deal is the acquisition of Woven Finance, a digital payment company through Access Bank Plc’s fintech arm, hydrogen.
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