Access Bank considers selling foreign subsidiary as regulatory pressure mounts
Access Holdings chairman Aigboje Aig-Imoukhuede disclosed at the African Financial Industry Summit in Luanda that the group is considering exiting at least one foreign market after identifying an underperforming subsidiary. The tier-1 bank's international exposure stands at 19.4% of shareholders' funds — nearly double the 10% cap set by Section 19(8)(c) of BOFIA 2020.
Access operates across 16 African markets including Tanzania, Kenya, Angola and Sierra Leone. The bank has completed one capital repatriation exercise involving six subsidiaries and is engaging regulators in five undisclosed countries to facilitate further capital returns. Options include recalling excess capital, selling minority stakes, or restructuring businesses.
South Africa's operation has recorded persistent losses, while Kenya reported a loss in H1 2026. Mozambique returned to profitability in 2025 after earlier struggles. Access previously sold its loss-making Ivory Coast subsidiary in 2014 following a CBN directive and divested a 7.44% stake in its Ghanaian subsidiary in July 2026.
The unnamed subsidiary under review could follow a similar exit path. For customers and businesses in affected markets, this signals potential service changes or ownership transitions. For Nigerian banking, it underscores how regulatory capital limits are reshaping cross-border expansion strategies.
Which subsidiary gets sold will reveal whether Access prioritizes preserving its strongest markets or cutting losses in persistently weak ones.