Access Bank has notified the Nigerian Stock Exchange of its intention to establish a subsidiary in Cameroon, three months after acquiring a bank in Kenya. The Nigerian lender said it had finalised its expansion move to the Central Africa state, as it had received approval from the Central Bank of Nigeria (CBN).
In a statement issued to the Nigerian Stock Exchange, Access Bank stated that the company obtained a ‘No Objection’ from the CBN to its expansion plan, meaning its expansion would now be determined by the regulatory body in Cameroon.
The company said, “It has obtained the Central Bank of Nigeria’s ‘No Objection’ to its proposed expansion into the Republic of Cameroon through the setting up of a banking subsidiary. The proposed expansion which is subject to the approvals of the regulatory authorities in the Republic of Cameroon is in pursuance of the Bank’s strategic objective to become Africa’s Gateway to the World. We are currently awaiting the regulatory approvals and will provide the market with updates in due course.”