LONDON, June 13, 2015 /PRNewswire/ --
UK subsidiary shows further growth in 2014
As part of its continued support of UNICEF, Access Bank Group, along with 5th Chukker, The Access Bank UK and Access Private Bank hosted the 'Access Bank Polo Day' at the Guards Polo Club, Windsor on Saturday June 13.
(Logo: http://photos.prnewswire.com/prnh/20150613/222878 )
This follows last month's high-profile Access Bank/UNICEF Charity Shield Polo tournament, which is in its eighth year. Held in Nigeria it is the biggest charity polo tournament in Africa.
Access Bank's sponsorship provides a platform for supporting orphaned and vulnerable children in Nigeria, with the Bank and Fifth Chukker.
Since the UNICEF/ACCESS Bank initiative was started it has rebuilt two schools in Kaduna in Northern Nigeria and kept over 2750 students in continuous education simultaneously developing new school blocks, a computer literacy building all in a more secure and friendly school environment. The communities surrounding the schools are being supported with bore-holes for water, sewing and grinding machines to secure employment and stimulate economic and social development.
The UK event was organised by The Access Bank UK Limited which has just published its Report and Financial Statements for the year ended December 31, 2014. These show impressive growth indicators including an increase in operating income of 37% from 10.9-million in 2013 to £15-million. The Bank's profit before tax grew by an outstanding 138% to £5-million. The latter reflects the growth in trade finance and also asset management activity by Access Private Bank. Assets under management for 2014 were £34-million, which is a year on year rise of 12.2%, while total Private Bank customer funds were £46-million, a rise of 16% on the previous year.
The Bank also saw a significant increase in net interest income of 94% to £6.4-million as a result of the growth in loans to correspondent banks and customers. As The Access Bank UK's Chief Executive Officer and Managing Director, Jamie Simmonds, highlights "this has been achieved while still operating within the moderate risk appetite set by the UK board".
Further new products, such as UK fixed term deposits, were also introduced by the Bank in 2014.
Commenting on the figures, Jamie Simmonds adds:
"Our second five-year plan began in 2014 and we achieved our aims and outperformed projections for the year. As at 31 December the Bank had a high capital adequacy ratio and liquid buffer assets significantly in excess of the minimum regulatory requirements. It is our intention that these will continue to be maintained at satisfactory levels in the future.
"This has been a transformational year for the Bank as we have continued to grow the business based on the firm foundations that we have established and also diversify our income streams to ensure sustainable performance. We believe we have succeeded in the current financial climate where others have failed through our focus on establishing strong relationships with all our customers.
"Our achievements owe a great deal to the strong partnership that we have with our parent company, as evidenced by our joint support of the fourth Access Bank Day at the Guards Polo Club in Windsor."
Access Bank Plc Group Managing Director Herbert Wigwe highlighted that the aim of the event at the Guards Polo Club is to raise further awareness of the issues and support required.
He explained: "Our support for the Fifth Chukker UNICEF initiative comes from the fact that we are conscious of our role as a change agent in Nigeria that can help institute socio-economic development through responsible business practice and environmental considerations. In addition, we are continually seeking ways through which more resources can be pooled towards supporting the children. We are part of the community and as such should support its wellbeing."
For details of where to obtain photographs and further background information, please see "notes to editors" below
Notes to editors:
Photos (with captions) of the Access Bank Polo Day at The Guards Polo Club on June 13 may be found at: https://www.dropbox.com/sh/4y7djeamm0xa6xn/AACnRqwz3BHlXL8WnPplRbYEa?dl=0 (For online media please use separate folder at top of web page) © www.imagesofpolo.com
Suggested captions:
0359 - Jamie Simmonds, CEO of The Access Bank UK Ltd
0371 - Herbert Wigwe, Access Bank plc Group Managing Director
0584 - Michel Del Carril
0608 - Agustin Merlos
0646 - Juan Cruz Merlos
0936 - Babangida Hassan
0981 - Adolfito Cambiaso
1057 - Adamu Mahmoud Atta
1111 - Juan Martin Nero
1216 - Damian Duncan receives the Bank Charity Shield from Jamie Simmonds
1260 - Adolfito Cambiaso receives the Access Bank Cup from Herbert Wigwe
1290 - Adolfito Cambiaso, Most Valuable Player
1323 - The two teams of the first match
About Access Bank
Access Bank Plc is a full service commercial Bank operating through a network of 348 branches and service outlets located in major centres across Nigeria, Sub Saharan Africa and the United Kingdom. Listed on the Nigerian Stock Exchange in 1998, the Bank serves its various markets through 5 business segments: Institutional, Commercial, Retail Banking, Transaction Services and Financial Markets.
The Bank has over 800,000 shareholders including several Nigerian and International Institutional Investors and has enjoyed what is arguably Africa's most successful banking growth trajectory in the last ten years ranking amongst Africa's top 15 banks by total assets and capital in 2012 and among Nigeria's top four banks by most metrics.
As part of its continued growth strategy, Access Bank is focused on mainstreaming sustainable business practices into its operations. The Bank strives to deliver sustainable economic growth that is profitable, environmentally responsible and socially relevant.
About The Access Bank UK Ltd
The Access Bank UK Limited is a wholly owned subsidiary of Access Bank Plc. It offers a broad range of banking products and services including:
- Private banking, through its specialist division Access Private Bank (see below)
- Business banking
- Trade finance
- Personal banking
to business and personal customers, both from the UK and Sub-Saharan Africa. Its strong commercial ties to Africa and local knowledge are invaluable for customers with personal and business involvement in these regions.
The Bank was authorised by the Financial Services Authority on 12 August 2008. Following the reorganisation of the Regulatory Regime in the UK on 1April 2013 with the introduction of Twin Peaks regulation, the Bank is currently regulated by the Prudential Regulation Authority and the Financial Conduct Authority. The Bank is authorised to undertake a wide range of banking activities.
The Access Bank UK's outstanding year on year growth is derived in part from its international sales and operations, and its geographical expansion within Sub Saharan Africa including trade finance transactions in Nigeria, Ghana, Zambia, Rwanda and Cote D'Ivoire. The transactions related to the import and export of goods such as oil products, paper, auto parts and numerous other commodities. This work, and its success, highlights the Bank's ability to provide an invaluable service proposition for customer's wishing to maximise opportunities in the growing economies of Sub Saharan Africa and its ability to increase market share in Nigeria - the fastest growing economy on the continent.
To further broaden its international reach and ensure the outstanding growth remains self-sustaining, the Bank is undertaking a range of developments. These include
- developing closer working relationships with OECD exporters to increase exposure to trade flows across a broader range of African countries
- focusing on taking advantage of the growing trade flows in Ghana plus adopting a growth strategy for the Rwandan and Zambian markets
These measures will mean the Bank avoids over-dependency on its substantial market share in Nigeria.
Acting as a confirming bank across OECD markets is a key part of The Access Bank's growing opportunities in trade finance for itself and its customers. Its confirmation is now accepted on over 95% of occasions.
It also:
- is a registered correspondent and trade finance bank for the Central Bank of Nigeria (CBN)
- issues Letters of Credit on behalf of the Nigerian government and Nigerian National Petroleum Company (NNPC)
- acts as a correspondent bank for Nigerian and Ghanaian banks lacking a UK-authorised subsidiary
- is accredited by IFC (World Bank Commercial Arm).
Access Private Bank
Access Private Bank is a global private bank dedicated to helping high net worth individuals reach their wealth management and financial goals. The Bank provides an individual tailored investment solution that is complemented by a personal banking service, and is committed to working with its customers to build long-term relationships based on understanding, knowledge, trust and accountability. Its integrated global investment and wealth management service is based on the principles of discretionary investment management and a portfolio designed specifically for each client after discussion on personal circumstances, investment objectives, knowledge and attitude to risk.
The Bank fully manages customers' investment and reports the performance of portfolios on a regular basis to ensure customers are kept up to date with developments.
FOR FURTHER INFORMATION CONTACT: Jonquil Simons, Tel: 44(0)207-963-7422, mobile +44(0)7860-466958, Email: jonquil.simons@pielleconsulting.com, Peter Walker, Tel: (0)207-963-7424, mobile +44(0)7836-223513, Email: peter.walker@pielleconsulting.com
