Nigerian banking group, Access Bank, has 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 indicated.
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 authorisations to the bank’s shareholders.
If it succeeds in launching its subsidiary in Cameroon, Access Bank Plc will become the 16th commercial bank to operate in the country and will meet one of its compatriots, United Bank of Africa, on that market.
Access Bank is entering the Cameroonian market some years after the departure of another Nigerian group, Oceanic Bank International.
Some years ago, Oceanic Bank International took over 54.5 per cent of Union Bank of Cameroon’s 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.
On 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.