Shareholders of Access Bank Plc have given the nod for the bank to proceed with its proposed restructuring into a Holding company status.
Access Bank Plc had last week announced that it has obtained approval in principle from the Central Bank of Nigeria (CBN) to restructure into a non-operating financial holding company.
The holdco status is expected to provide the banks with several benefits. The holdco structure will also bridge the risk by preventing one business from affecting the performance of another.
Upon completion of the holdco process, the bank will be known as Access Holdings Plc and it will own controlling stakes in all its subsidiaries and influence the decision-making process even though it will not be involved in the day-to-day running of the units.