Access Bank South Africa Explained

Access Bank South Africa
Location:	Johannesburg, South Africa
Key People:	Sugendhree Reddy Managing Director and CEO
Industry:	Financial services
Products:	Loans, checking, savings, investments, debit cards
Homepage:	Homepage

Access Bank South Africa, formerly known as Grobank Limited, and Bank of Athens (South Africa) before that, is a commercial bank in South Africa. It is licensed by the Reserve Bank of South Africa, the central bank and national banking regulator. The bank began commercial operations in June 2021, following the acquisition of a retail commercial banking license.^{[1] [2]}

Location

The bank's headquarters are located at Building Number 3, Inanda Greens Business Park, 54 Wierda Road West, Wierda Valley, Sandton, South Africa.^[3] The geographic coordinates of the bank's headquarters are: 26°06'49.0"S, 28°03'35.0"E (Latitude:-26.113611; Longitude:28.059722).

Overview

Access Bank South Africa is a subsidiary of Access Bank Group, a financial services conglomerate based in Nigeria, with subsidiaries in nine sub-Saharan countries, the United Kingdom and the United Arab Emirates. The group also maintains representative offices in China, India and Lebanon. The group's shares of stock are listed on the Nigerian Stock Exchange under the symbol ACCESS. As of 31 December 2021, Access Bank Group had total assets in excess of US$28 billion.^[4]

History

Bank of Athens (South Africa) started operations in 1947. In October 2018, Grobank Limited concluded the acquisition of 99.81 percent shareholding in Bank of Athens (South Africa). The bank rebranded to Grobank Limited and focused its activities to lending to the agricultural sector.^[5]

In March 2021, Access Bank Group paid an estimated US$60 million to acquire a controlling interest in Grobank Limited. Access Bank went further and obtained regulatory approval to rebrand Grobank to Access Bank South Africa and to convert to a retail commercial bank. It opened to customers under those new terms in June 2021.^{[2] [6] [7]}

Governance

The managing director and CEO is Sandile Shabalala.^[1]

See also

• List of banks in South Africa

External links

• Official Website

-26.1136°N 28.0597°W

Notes and References

1. Web site: News24.com . Nigeria's Access Bank has big plans for South Africa as it launches a new retail bank . 15 June 2021 . Londiwe Buthelezi . 13 May 2022 . Johannesburg, South Africa.
2. Web site: Nigeria's Access Bank buys $60 million stake in South Africa's Grobank . . 30 March 2021 . Chijioke Ohuocha . 13 May 2022.
3. Web site: Physical Address of Access Bank South Africa Headquarters . Access Bank South Africa . 13 May 2022 . Access Bank South Africa . 13 May 2022 . Sandton, Johannesburg, South Africa.
4. Web site: . 2021 Financial Year - Full Financial Statement For Year Ending 31 December 2021 . 18 March 2022 . Access Bank Group . 13 May 2022 . Lagos, Nigeria.
5. Web site: SA Bank of Athens Repositioning As Grobank . 18 April 2019 . Access Bank South Africa . Access Bank South Africa . 13 May 2022 . Sandton, Johannesburg, South Africa.
6. Web site: 13 May 2022 . Our Story . Access Bank South Africa . 13 May 2022 . Access Bank South Africa . Sandton, Johannesburg, South Africa.
7. Web site: 15 June 2021 . Access Bank officially launches its operations in South Africa . . Edward West . 13 May 2022 . Cape Town, South Africa.