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Latest ranking of a leading business valuation and strategy consultancy, Brand Finance has placed Nigeria’s largest retail financial giant, Access Bank Plc., as not only one of the top 500 global banking brands, but second with a valuation of $242 million.
Published in the United Kingdom, the Banking 500 Report is an annual ranking of the world’s strongest and most valuable banking brands.
Business Hilights recalls that Access Bank had in 2017 emerged the fifth most valuable Nigerian bank in the 2017 Banking 500 report.
Details advanced for the bank’s valuation feat is not unconnected with the successful merger with Diamond Bank in April 2019, and its recent expansion into the East African market.
Fact checks showed that the nine-month post-merger financial results posted by the Bank showed gross earnings of N513 billion, an increase of 37 percent above the N375.2 billion recorded within the same time frame in 2018.
Additional backup analysis indicated that Access Bank’s asset base remained strong and diversified, towering by 33 percent to N6.6 trillion as at September 2019, up from N4.95 trillion as of December 31, 2018.
Giving further insights on the Bank’s growth trajectory, Group Managing Director of Access Bank Plc., Mr Herbert Wigwe averred that “In the last twelve months, Access Bank has grown into a powerhouse in the Nigerian and indeed, African banking industry. We are happy with all the successes recorded so far, and we hope to reach and surpass other targets we have set for ourselves. Access Bank will continue on its journey to becoming Africa’s gateway to the world, through strategic expansion into new and emerging markets within and outside Africa and providing best in-class customer experience.”
“Access Bank will continue to innovate and remain profitable while offering value to all investors and stakeholders. As we strive to expand our business operations, we will remain true to our core values of sustainable banking and adherence to global best practices,” Wigwe added.
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