Access Bank finalises transition to holdco

Access Bank Plc is concluding arrangements for its transition from a commercial banking group to a holding company (holdco).

In a regulatory filing at the weekend, Access Bank confirmed that the Federal High Court (FHC) has sanctioned the scheme of arrangement for the transition.The sanctioning of the scheme by the court rounded off the approving phase of the scheme, allowing the bank to conclude the transaction.

The transition to holdco had earlier been approved by shareholders of Access Bank at a combined physical and virtual court-ordered meeting. The bank had also secured the “no-objection” approval of the Securities and Exchange Commission (SEC) and the Central Bank of Nigeria (CBN).