The Group Managing Director/CEO of Access Bank Plc, Mr Roosevelt Ogbonna, on Monday disclosed that the financial institution is determined to expand operations into the United States of America (USA) market in the first quarter (Q1) of 2026. To become a truly African global bank.
Speaking at a media briefing with journalists in Lagos, Ogbonna said the financial institution is poised to become a truly African global bank as it has entered the London, Hong Kong and Paris markets.
“By the first quarter of 2026, we will have Access Bank USA. We are going to USA market. We will be in the global market and we will have global conversations, and work with different counterparts working around the world,” he said.
He said Access Bank aims to play key areas in access to trade and payments on the continent.
“So, we started something we refer to as an aggregator strategy. There is no point being a Pan-African banker when you have zero influence. So, it is very clear to us that in every market, we have competition locally, and we have to become a leading bank in the local market.
“Of our 19 markets that we will be on the continent by 2027, eight of those markets will be in the top three banks. “15 of these markets will be top 10 banks and 11 of them will be top five banks,” he said.
According to him, it is relevant to scale in those markets on the back of working with local governments or sovereigns in those markets to employ local talent, influence the local economy and make an impact.
“But I think importantly, it means we have the scale and size to be able to force cross-border trade,” he said.
He said that the management deliberates in the context of the market in which it invests.
He highlighted that the financial institution is targeting markets where there is rule of law, and contracts are respected; Markets that are open and friendly to investors; Markets where the quality of education and skills is adequate, and markets where there is significant trade among themselves.
“With the withdrawal of international banks, there must be a local bank, a local African bank that is local to every market that can take significant advantage of those opportunities in African free trade,” he said.
kayode tokade
What should I follow:
Source link