Nigeria's Access Bank launches SA operation with rebranding of Grobank
Nigeria's Access Bank Group has launched Access Bank South Africa.
Access - Nigeria's biggest bank - bought a controlling stake in local Grobank (formerly Bank of Athens) at the end of March and has now rebranded the business.
Access Bank has more than 40 million customers, operating across ten African countries as well as the UAE and UK, with representative offices in China, India and Lebanon.
It says entering South Africa is part of a global expansion strategy as it continues to solidify its presence in Southern Africa.
"Access Bank South Africa will not only build on our established strengths in business/SME banking, foreign exchange services and alliance banking but will launch new capabilities."
Big news in Nigeria itself is that the Nigerian National Petroleum company has renewed licences for oil majors for another 20 years.
Bruce Whitfield interviews Adetunji Omotola, independent Africa analyst.
Of course Nigeria is Africa's largest economy and Africa's largest oil producer at 2 million barrels of oil a day.Adetunji Omotola, Independent Africa analyst
This is a significant investment in Nigeria - about $10 billion.Adetunji Omotola, Independent Africa analyst
It's a boost for Nigerian oil and gas centres. The oil companies have been looking forward to the petroleum industry bill, so I think there's confidence that this bill will be passed.Adetunji Omotola, Independent Africa analyst
Listen to Omotala's update on news from the continent on Africa Business Focus:
This article first appeared on CapeTalk : Nigeria's Access Bank launches SA operation with rebranding of Grobank
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