Grobank has officially been renamed Access Bank following the completion of all regulatory procedures in the region. This comes on the heel of the acquisition of controlling shares in the former Grobank Limited, South Africa, by Access Bank.
CEO of Grobank Bennie van Rooy said, "This is an extremely exciting day for the South African banking industry. Our corporate customers will now have increased access to trade finance, treasury, international payments and loans through the wider distribution network offered by Access Bank's presence in the key trade corridors that connect Africa to the rest of the World."
"Banking with Access Bank South Africa means greater security as well as access to more products and services through a best-in-class digital platform, and a full retail banking suite will soon be on offer," he added.
Following its merger with Diamond Bank in March 2019, Access Bank became one of Africa's largest retail banks by retail customer base. Access Bank has more than 600 branches and service outlets, spanning three continents, 12 countries and 31 million customers.
The Bank employs 28,000 people in its operations in Nigeria. It has subsidiaries in Sub-Saharan Africa and the United Kingdom (with a branch in Dubai, UAE) and representative offices in China, Lebanon and India.
Herbert Wigwe, CEO of Access Bank Plc, said: "...in South Africa seals our commitment to delivering our strategic aspirations of becoming Africa's Gateway to the World, in line with our vision to be the World's Most Respected African Bank.
"We look forward to the many opportunities our collective experience and deep understanding of the African market brings to our valued clients, and the journey ahead being one of great promise for our institution and the continent."
Nigeria in focus
GDP: $448.12 billion compared to South Africa's $351.432 billion in 2019
Population: 200,963,599 compared to South Africa's 58,588,267 in 2019
GDP per capita: $2,229 compared to South Africa's $6,001 in 2019