Access Holdings plans operation in France, Hong Kong, five other countries

Access Holdings plans operation in France, Hong Kong, five other countries

Access Holdings Plc expects to expand its operations to France and Hong Kong  and five other countries by 2027, it  said in a five-year strategy document issued on Monday.

As part of a broader plan to be Africa’s gateway to the world, the lender said the move also involves the group branching out into markets including Malta, Dubai (UAE), Lebanon, China and Mumbai (India).

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Access Holdings disclosed in the document posted on the Nigerian Exchange’s website that it is setting sights on becoming one of the top two pensions players across the markets where it operates.

It is expecting its clientele to reach 125 million by 2027, with retail clients expected to make up 100 million of its customer base by then.

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Currently, the lender has over 52 million retail customers in the 17 countries in which it operates.

Last year, the Holdco acquired a controlling stake in First Guarantee Pension Limited and an indirect equity stake in Sigma Pensions Limited.

It is anticipated that Access Bank Nigeria, the local unit of the group’s commercial banking division, will account for 52 per cent of gross revenue and one-third of pre-tax profit.

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Access Holdings wholesale business is seen contributing 63 per cent to gross revenue and half of profit before tax while retail business is expected to account for a quarter of gross revenue and 31 per cent of pre-tax profit.

The banking subsidiary, the document said, will act as the nexus to drive transformation for the group and will help drive financial inclusion and digital customer solutions.

“By the end of 2027, we expect to be in at least 26 countries and in at least 3 Organization for Economic Co-operation and Development (OECD) countries supporting trade (United Kingdom, France & United States of America),” the corporation said.

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