Stories by Amaka Ifeakandu
Lagos
Access Bank Plc is targeting top three positions in all financial metric in the nation’s banking industry between 2013 and 2017.
Chief Financial Officer, Access Bank, SeyiKumapayi who disclosed this in Lagos while interacting with financial journalist said that the bank also planned to be World’s most respected African Bank, a reference point for technology, best treasury and financial market bank in the country.
He said that the bank’s target is to sustain high independent agency and leading project and structured finance bank.
He, however, said that the bank’s recent move to raise about N68 billion through right issue would enable it upgrade information and communication technology, expand branch network and refurbishment of current business locations toward establishing significant retail presence to service the expanded customer base of the bank. Apart from expansion, he said that the fund would enable the bank to increase working capital, enhance lending capacity in targeted market segment, upgrading of channel infrastructure to support retail banking.
Explaining the reason why the bank is raising more capital at a time shareholders are sending children back to school, which also coincided with the Muslim festivities, Kumapayi said, “there is never a right time to raise money, a company needs to work with plan, we have engaged significant number of shareholders both local and international level and they gave their support to the bank.
Given this engagement, we have confidence that they will take up their rights and the offer will be fully subscribed. Stating the reason why shareholders will take their right, he said, Access Bank is a tier 1 Bank with robust financial indicators, enlarged resource base with strong upside potentials, credible leadership with a clear focus on value creation for shareholders, strong returns for investors –Capital appreciation and dividend payout, attractive market price trading at a 0.9x discount to book value, strong corporate governance and shareholder management practices, actively traded stock with a robust shareholder base among others
He said that the bank’s loan book between 2007 and 2012 grew by 463 per cent from N108 billion to N609 billion while gross income rose from N27.9 billion to N1.2 trillion within the period under review.
