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Access Bank restates commitment to deepen presence in Kenyan market after discontinuation of Sidian Bank acquisition

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Herbert Wigwe is African Banker of the Year for the second time

Access Bank restates commitment to deepen presence in Kenyan market after discontinuation of Sidian Bank acquisition

 

 

 

 

Sub-Saharan Africa’s largest lender, Access Bank PLC, has cited the failure to fulfil some requisite conditions as the reason for calling off the proposed acquisition of Sidian Bank. The discontinuation ends Access Bank PLC’s binding agreement with Centum to acquire the entire 83.4 percent shareholding held by the investment company in Sidian Bank Ltd. 

  

 

Access Bank restates commitment to deepen presence in Kenyan market after discontinuation of Sidian Bank acquisition

 

According to a statement issued by the Bank’s parent company Access Corporation to the Nigerian Exchange Ltd on Thursday, 12 January 2022, “The completion of the proposed transaction was subject to fulfilment or waiver of certain conditions before the Long Stop date as defined in the transaction agreement. Although regulators have all been supportive in engagements around the transaction, certain conditions precedent including those required of Sidian Bank which were needed to prudently complete the transaction have not been met and the parties were unable to reach an agreement on the variation of these conditions in a manner to deliver the desired outcome for the parties 

  

 

 

 

 

 

“Consequently, we hereby notify the Nigerian Exchange Ltd and the investing public that the Sidian acquisition will no longer be completed by the Bank.” 

  

This development, however, will not affect Access Bank’s drive to promote regional trade finance and other cross-border banking services in the East African Community (EAC) and broader COMESA region as it works towards its vision to be Africa’s gateway to the world. To this end, Access Bank reassures stakeholders of its commitment to pursue responsible opportunities to expand its footprint in Kenya – which represents the largest market and trade corridor in East Africa. 

  

“The Bank remains committed to growing its franchise in a safe and sound manner in Kenya and the broader East African Community and will continue to explore a variety of organic and inorganic opportunities to grow its market share therein,” the statement, signed by Sunday Ekwochi, Company Secretary of Access Holdings PLC, read. 

  

Recall that Access Bank already made a strategic entry into the highly-competitive Kenyan financial ecosystem through the acquisition of Transnational Bank Plc of Kenya (now Access Bank Kenya) in 2020. 

  

Other notable strategic expansion executed by Access Bank in recent years include acquiring the defunct Diamond Bank Plc in 2018, a process completed in 2019. In 2021 the Bank announced the acquisition of Cavmont Bank Limited and merged its existing operations in Zambia following the acquisition  

  

The Bank also completed the acquisition of Grobank of South Africa in 2021, and in the same year completed the acquisition of about 78.15 percent holding in African Banking Corporation of Botswana Limited. 

  

Access Bank’s expansion drive promises great value for stakeholders and presents enormous opportunities to support the growth of trade and payment ecosystem

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UBA Appoints Abiola Bawuah As First Female CEO For Africa Operations   

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UBA Appoints Abiola Bawuah As First Female CEO For Africa Operations   

UBA Appoints Abiola Bawuah As First Female CEO For Africa Operations 

 

  • Announces Six other Executive Appointments  

  • Samuel Oni Retires from the Group Board 

 

The Board of Directors of the United Bank for Africa Plc, Africa’s Global Bank, today announces the appointment of Mrs. Abiola Bawuah, as Chief Executive Officer (CEO) of UBA Africa. Bawuah will also join the Group Board as an Executive Director, overseeing the Group’s operations across the African continent, outside Nigeria. UBA operates in 19 African countries beyond Nigeria, in addition to global operations in New York, London, Paris and the UAE. 

UBA Appoints Abiola Bawuah As First Female CEO For Africa Operations 
 

Bawuah, a Ghanaian national, is the first female CEO of UBA Africa.  Her appointment further demonstrates UBA’s commitment to diversity.  The UBA Group Board now includes eight female Directors. 

 

Prior to her appointment, Bawuah was Regional CEO, West Africa, supervising the Group’s operations in nine subsidiaries, including Benin, Burkina Faso, Cote d’Ivoire, Ghana, Guinea, Liberia, Mali, Senegal, and Sierra Leone. She previously held the role of CEO, UBA Ghana. 

 

Speaking on the new appointment, the Group Board Chairman Mr Tony O. Elumelu said, “Abiola has contributed significantly to the growth of UBA Africa for close to a decade.  She brings a wealth of experience in commercial banking, and stakeholder engagement.  It also gives me great pleasure that with her appointment, the UBA Group Board has now become a majority female board.” 

 

The UBA Group also announced the following executive roles: 

 

Chris Ofikulu becomes the Regional CEO, UBA West Africa.  Ofikulu, who has over two decades of banking experience spanning corporate, commercial, and retail banking. 

 

Uzoechina Molokwu will take on the role as Deputy Managing Director (DMD) of UBA Ghana, subject to local regulatory approvals.  He was previously the Executive Director, Business Development – UBA Côte d’Ivoire and has over 23 years banking experience. 

 

Ayokunle Olajubu will be the Managing Director/CEO UBA Liberia, subject to local regulatory approvals. He currently drives compliance across Africa subsidiaries andcomes with 30 years banking experience in Nigeria and other African countries,includingSierra Leone, Cote D’Ivoire and the Gambia. 

 

Theresa Henshaw has been appointed as CEO of UBA UK, subject to local regulatoryapprovals. She was previously the DMD, Business Development, UBA America and joined the Group as ED, Business Development at UBA UK. 

 

Usman Isiaka, currently CEO, UBA Sierra Leone, will be the Deputy CEO in UBA America, subject to local regulatory approvals. 

 

Adeyemi Adeleke, the former CEO of UBA, UK is now the Group Treasurer.  Adeleke will be working to unlock the immense value in the Group’s multi-jurisdictional balance sheet, leveraging on its presence in 24 countries within and beyond Africa. 

 

In addition to the executive appointments, UBA has announced the retirement of High Chief Samuel Oni, an independent non-executive Director, from the Board following the expiration of his tenure.  He joined the UBA Group in January 2015 and served on the Board of the Group for eight years. 

 

The Group Chairman Mr Elumelu expressed his appreciation to High Chief Oni, for his commitment, leadership and extensive contributions to the UBA Group and on behalf of the Board, wishes him the very best in all his future endeavours. 

 

Operating in twenty African countries and in the United Kingdom, the United States of America, France and the United Arab Emirates, United Bank for Africa provides retail, commercial and institutional banking services, leading financial inclusion and implementing cutting edge technology.  UBA is one of the largest employers in the financial sector on the African continent, with 25,000 employees group wide and serving over 37 million customers globally

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Stanbic IBTC Pension Managers Limited Did Not Defy Pencom’s Directive on Gifts

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Stanbic IBTC Pension Managers Limited Did Not Defy Pencom’s Directive on Gifts

Stanbic IBTC Pension Managers Limited Did Not Defy Pencom’s Directive on Gifts

Stanbic IBTC Pension– Our attention has been drawn to publications by some unguarded sections of the media wherein certain unfounded, incorrect, and defamatory assertions are being peddled about Stanbic IBTC Pension Managers.

 

 

Stanbic IBTC Pension Managers Limited Did Not Defy Pencom’s Directive on Gifts

 

 

 

 

The alleged falsehoods stated that Stanbic IBTC Pension Managers continued to offer incentives to Retirement Savings Account holders contrary to the directives issued by the National Pension Commission (PenCom) in a bid to retain their accounts and win over accounts from competition.

 

 

 

 

 

 

 

 

The publications specifically stated that gift vouchers worth hundreds of millions of naira were given out to certain public and private sector clients in December 2022, disregarding PenCom’s directive to all Pension Fund Managers with the goal to end “unhealthy competition” within the industry.

 

 

 

 

 

 

 

 

Stanbic IBTC Pension Managers would like to clarify that this news is false and does not represent our ethos and values as an institution. The publication is a fabrication of reckless journalism, and it is our responsibility to clarify any misconception or doubts in the minds of the general public.

 

 

 

 

 

 

 

Further to PenCom’s directive in October 2022, our clients were notified of the directive and its subsequent implications leading to the discontinuation of our Loyalty Programme on 05 November 2022 as approved by PenCom.

 

 

 

 

 

 

To further reinforce our commitment and alignment with PenCom’s directives, we partnered with PenCom’s representatives to sensitise clients on this development at our annual clients’ engagement fora held in Lagos, Abuja and Port Harcourt, late 2022.

 

 

 

 

 

As a major stakeholder and the largest pension fund administrator in Nigeria managing over 1.9 million retirement savings accounts and over N4.5 trillion in assets under management, our organisation has a responsibility to uphold the highest operational and ethical standards for operators in the industry.

 

 

 

 

 

 

 

 

Stanbic IBTC remains resolute in its position and would like to reiterate that it conducts its business with integrity in compliance with extant laws of the operating environment and international best practices. We will continue to do business the right way.

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Over 50 Million Naira Up for Grabs in the Upcoming Union Bank Save & Win Palli Promo Finale and UnionKorrect Draws

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Over 50 Million Naira Up for Grabs in the Upcoming Union Bank Save & Win Palli Promo Finale and UnionKorrect Draws

 

Over 50 Million Naira Up for Grabs in the Upcoming Union Bank Save & Win Palli Promo Finale and UnionKorrect Draws

 

 

 

 

 

Following a six-month successful run, the second edition of Union Bank’s Save & Win Palli Promo is finally coming to an exciting conclusion.

 

 

Over 50 Million Naira Up for Grabs in the Upcoming Union Bank Save & Win Palli Promo Finale and UnionKorrect Draws

 

 

 

The grand finale event, which is set to hold on January 27th, 2023, at the bank’s Head Office in Marina, Lagos, will reward over 300 lucky customers with cash prizes worth over 40 million naira and other exciting consolation prizes. In addition, one lucky customer will go home with the grand prize of 5 million naira from the Save and Win promo draw, while other customers will receive other cash prizes of N105,000 and N500,000 for the last set of the monthly and quarterly draw winners.

 

 

 

 

 

 

Union Bank will also reward 227 customers with 18.5 million naira in its other ongoing savings promo called UnionKorrect. The UnionKorrect regular and exclusive draws will run alongside the Save and Win Palli Promo draw on the same day.

 

 

 

 

 

 

 

The event will be live-streamed, and participants can join virtually from anywhere in the country. Winners will be randomly selected through electronically generated and transparent draws monitored by relevant regulatory bodies.
Save & Win Palli Promo and UnionKorrect promo are nationwide campaigns aimed at rewarding customers with cash prizes and other exciting gifts. The goal is to encourage and promote a healthy savings culture and the promo is open to new and existing customers.

 

 

 

 

 

Prospective customers can download the UnionMobile app on their mobile phones to open an account or walk into any Union Bank branch. To reactivate existing accounts, returning customers can call the 24-hour Contact Centre on 07007007000 or visit any of Union Bank’s branches across the country.

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