Access Bank Plc on Tuesday announced that it has received the Central Bank of Nigeria’s approval-in-principle for the bank’s restructuring to a holding company (“HoldCo”).
The proposed HoldCo structure would enable the bank to further accelerate its objectives around business diversification, improved operational efficiencies, talent retention as well as robust governance.
The bank said in a disclosure notice to the Nigerian Stock Exchange that further details regarding the HoldCo structure will be communicated to the market in due course.
A holding company is a corporation that owns a controlling interest in one or more banks but does not itself offer banking services. Holding Companies do not run the day-to-day operations of the banks they own.
However, they exercise control over management and company policies.