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Business News of Thursday, 16 January 2020

Source: www.mynigeria.com

Access Bank mulls Cameroon expansion

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Access Bank is eyeing expansion into the Republic of Cameroon.

The lender disclosed this in a notification to the Nigerian Stock of Exchange signed by its Company's Secretary, Sunday Ekwochi.

Access Bank informed the investing public that Central Bank has granted it approval to set up it's banking subsidiary in the Central Africa Nation.

However, the subsidiary needs approvals of the regulatory authorities in Cameroon for plans to be completed.

The bank noted that the expansion is in line with the Bank's mandate to become Africa's gateway to the world.

Part of the statement read thus:

"Access Bank Plc is pleased to notify the Nigerian Stock Exchange that 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."