Access Bank, Nigeria’s largest bank by assets, has announced plans to set up a business in Morocco as part of its expansion across the country. Previously, the bank had successfully raised $228 million from a rights issue of 17.8 billion shares.
According to Bloomberg, the financing brings Access Bank’s equity capital to 600 billion naira ($387.4 million), 20% above the minimum required for international banks to operate in Nigeria.
The bank has been approved by the Central Bank of Nigeria and the Securities and Exchange Commission.
The move to Morocco is part of Access Bank’s broader strategy to double its global assets by 2027.
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The bank sees Morocco and its banking system as a meeting point between sub-Saharan Africa and Europe, providing it with an important platform for developing South-South financial exchanges. The move is part of a $1.5 billion budget to support the bank’s expansion not only in Morocco but also in Egypt and the US.
Access Bank has demonstrated its commitment to global expansion with recent acquisitions, including Standard Chartered’s operations in Angola and Sierra Leone.
The bank is awaiting approval from the Central Bank of Kenya for its planned acquisition of Commercial Bank of Kenya’s stake in the National Bank of Kenya. The deal is expected to close by the end of the year (March 2025).
Access Bank currently has a significant presence in Africa and beyond, operating over 700 branches and service points in 24 markets across the country. It has around 60 million customers.
The bank’s shares have performed well, rising 6.7% in Lagos this year after more than doubling in 2023. The bank also recently agreed to buy Bidvest Bank Holdings Ltd. It spent about 2.8 billion rand ($159 million) to strengthen its presence in South Africa.
