ACCESS BANK GROUP CONTINUES TO SUPPORT UNICEF – UK SUBSIDIARY SHOWS FURTHER GROWTH IN 2014
As part of its continued support of UNICEF, Access Bank Group, along with 5th Chukker, The Access Bank UK and Access Private Bank hosted the ‘Access Bank Polo Day’ at the Guards Polo Club, Windsor on Saturday June 13th
.
Access Bank Plc Group’s Managing Director Herbert Wigwe highlighted that the objective of the event was to raise further awareness around the issues and support required to continue the development and initiatives to help orphaned and vulnerable Children in Nigeria. Mr Wigwe explained: “Our support for the Fifth Chukker UNICEF initiative comes from the fact that we are conscious of our role as a change agent in Nigeria that can help support socio-economic development through responsible business practice and environmental considerations. In addition, we are continually seeking ways through which more resources can be pooled towards supporting the children. We are part of the community and as such should support its well-being”.
The event was organised by Access Private Bank, a division of The Access Bank UK Limited which has just published its Report and Financial Statements for the year ended December 31, 2014. These show impressive growth indicators including an increase in operating income of 37% from 10.9-million in 2013 to £15-million. The Bank’s profit before tax grew by an outstanding 138% to £5-million. The latter reflects the growth in trade finance and also asset management activity by Access Private Bank. Assets under management for 2014 were £34-million, which is a year on year rise of 12.2%, while total Private Bank customer funds were £46-million, a rise of 16% on the previous year. The Bank also saw a significant increase in net interest income of 94% to £6.4-million as a result of the growth in loans to correspondent banks and customers.
As The Access Bank UK’s Chief Executive Officer and Managing Director, Jamie Simmonds, highlights “this has been achieved while still operating within the moderate risk appetite set by the UK Board”. Further new products, such as UK fixed term deposits, were also introduced by the Bank in 2014. Commenting on the figures, Jamie Simmonds adds: “Our second five-year plan began in 2014 and we achieved our aim and outperformed projections for the year. As at 31 December the Bank had a high capital adequacy ratio and liquid buffer assets significantly in excess of the minimum regulatory requirements. It is our intention that these will continue to be maintained at such levels in the future.
This has been a transformational year for the Bank as we have continued to grow the business based on the firm foundations that we have established and also diversify our income streams to ensure sustainable performance. We believe we have succeeded in the current financial climate where others have failed through our focus on establishing strong relationships with all our customers. Our achievements owe a great deal to the strong partnership that we have with our parent company, as evidenced by our joint support of the fourth Access Bank Day in the UK at the Guards Polo Club in Windsor.”
ABOUT THE ACCESS BANK UK LTD
The Access Bank UK Limited is a wholly-owned subsidiary of Access Bank Plc, a Nigerian Stock Exchange listed company. The Access Bank UK Limited was established to provide customers in the UK and in Africa with a broad range of business and personal banking services. These include trade finance, treasury services, business and personal banking together with private banking and wealth management.
Our objective is to grow the international business of the Access Bank Group through excellence in customer service and innovative solutions in trade finance, commercial banking and asset management. We are authorised and regulated by the UK’s Prudential Regulation Authority and Financial Conduct Authority (PRA and FCA) and are therefore in a strong position to support opportunities in Organisation for Economic Co-operation and Development (OECD) markets for Access Bank Group customers. At the same time, our position as Access Bank Group’s OECD operational hub supports the flow of investment into markets in Nigeria, Sub- Saharan and West Africa.
We have a strong base in the UK and abroad which allows us to stay in touch with our customers wherever they are in the world. Our Head Office is located in the heart of the City of London and overlooks the Bank of England and our Operations division is near Manchester. We also have an office in Lagos, Nigeria, in the pleasant surroundings of the Osborne Estate in the Ikoyi area and in Dubai’s International Financial Centre.
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