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Nigeria's Access Bank launches SA operation with rebranding of Grobank

22 June 2021 8:42 PM
Tags:
Nigeria
Banking
The Money Show
Bruce Whitfield
Bank of Athens
Grobank
Adetunji Omotola
Access Bank
Grobank Limited
Access Bank South Africa
Access Bank Group

Bruce Whitfield talks to Africa analyst Adetunji Omotola about news from Nigeria, including the renewal of oil majors' licenses.

Nigeria's Access Bank Group has launched Access Bank South Africa.

Access - Nigeria's biggest bank - bought a controlling stake in local Grobank (formerly Bank of Athens) at the end of March and has now rebranded the business.

RELATED: 'A Nigerian bank pounced on SA bank! We're used to things the other way around'

Access Bank has more than 40 million customers, operating across ten African countries as well as the UAE and UK, with representative offices in China, India and Lebanon.

It says entering South Africa is part of a global expansion strategy as it continues to solidify its presence in Southern Africa.

"Access Bank South Africa will not only build on our established strengths in business/SME banking, foreign exchange services and alliance banking but will launch new capabilities."

Big news in Nigeria itself is that the Nigerian National Petroleum company has renewed licences for oil majors for another 20 years.

Bruce Whitfield interviews Adetunji Omotola, independent Africa analyst.

Of course Nigeria is Africa's largest economy and Africa's largest oil producer at 2 million barrels of oil a day.

Adetunji Omotola, Independent Africa analyst

This is a significant investment in Nigeria - about $10 billion.

Adetunji Omotola, Independent Africa analyst

It's a boost for Nigerian oil and gas centres. The oil companies have been looking forward to the petroleum industry bill, so I think there's confidence that this bill will be passed.

Adetunji Omotola, Independent Africa analyst

Listen to Omotala's update on news from the continent on Africa Business Focus:




22 June 2021 8:42 PM
Tags:
Nigeria
Banking
The Money Show
Bruce Whitfield
Bank of Athens
Grobank
Adetunji Omotola
Access Bank
Grobank Limited
Access Bank South Africa
Access Bank Group

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