Nigerian banking group Access
Bank just created a subsidiary in Cameroon. With an initial capital of about
XAF14.5 billion, the new subsidiary’s headquarters will be in Douala,
Cameroon’s economic capital.
The administrative board of this
subsidiary is constituted of seven members with only one Cameroonian, the legal
notice published for the creation indicates. These members are Patience Melone,
Iyabode Soji-Okusanya, Fatai Oladipo, Abraham Aziegbe, Ibukunoluwa Odegbaike,
and Elliz Nzo Azu.
Created for a duration of 99
years, the bank has chosen Price Water House Coopers as its external auditor
and will operate in the management of current accounts, savings collection,
checks payment and credit granting.
As required by the rules in
force, the launch of Access Bank Cameroon’s activities in Cameroon is still
subject to the issuance, by the Ministry of Finance and the banking commission
COBAC, of various legal notices and authorizations to the bank’s shareholders.
If it succeeds in launching its
subsidiary in Cameroon, Access Bank Plc will become the 16thcommercial bank to
operate in the country and will meet one of its compatriots, United Bank of
Africa (UBA), on that market. Let’s note that it is entering the Cameroonian
market some years after the departure of another Nigerian group, Oceanic Bank
International namely.
Some years ago, Oceanic Bank
International took over 54.5% of Union Bank of Cameroon’s (UBC) assets saving
it from bankruptcy. However, in 2011, Ecobank had to buy Oceanic Bank
International’s assets in UBC, which is a well-rooted bank in the Anglophone
regions of Cameroon.
Let’s note that last January 15,
2019, Access Bank Plc’s executive director Victor Etokwu announced that apart
from the Cameroonian subsidiary, the banking group would create subsidiaries in
two other African countries this year. The banking group will then have 18
subsidiaries in Africa.
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