The Chairman of Access Bank Plc has issued a letter on the Nigerian Exchange Limited to announce the restructuring of the group into a non-operating financial holding company structure to all its shareholders.
The document, signed by the bank’s Chairman, Dr Ajoritsedere Awosika on Thursday, December 9, 2022, stated that “the Bank will continue to be subject to the full suite of CBN banking regulations and, in all other material respects.”
“The Banking Subsidiaries will continue to be subject to the oversight of the respective prudential regulatory authorities in their jurisdictions. The Group’s firm-wide risk management framework will continue to apply across the entire restructured group,” it continued
The restructuring is proposed to be implemented through a Scheme of Arrangements, pursuant to the provisions of Section 715 of CAMA and the SEC Rules and Regulations. The Board expects that the restructured group will have greater flexibility to adapt to future business opportunities, market and regulatory changes.
The Scheme will be presented to shareholders at a Court-Ordered Meeting to be held at Access Bank Plc’s Head Office on December 16, 2021, confirming receipt of the requisite Approval-In-Principle from the Central Bank of Nigeria (CBN) and Securities and Exchange Commission (SEC).
If the restructure is approved, it will enable Access Bank to diversify its business portfolios into new areas within the financial service industry that are permissible by the CBN as the group will have a structure similar to major global financial institutions, including Access Bank peers and competitors.