By Omodele A digun
Shareholders of Access Bank Plc have unanimously approved the resolution of its board to restructure Access Bank Group into a non-operating financial holding company structure, to hold the banking group and its subsidiaries. At its court-ordered Extra-ordinary General Meeting (EGM) yesterday in Lagos, the investors also approved the transfer of the 35 billion, 545 million, 225 thousand, 62 2 ordinary shares of 50 kobo each in the issued and paid up share capital of the bank to Access Holding Plc in exchange for the allotment of 35 billion,545 million , 225 thousand,62 2 ordinary shares of 50 kobo each in the share capital of Holco to the share holders in proportion to their shareholding in the bank, credited as fully paid without any further act or deed.
Giving justification for the restructurings, its Chairman, Dr(Mrs) Ajoritsedere Awosika, said Access Bank decided to transit to a financial holding company in line with seven main considerations, which included compliance with the CBN’s Regulation on the scope of Banking Activities and Ancillary Matters (Regulation 3) 2010, (which repealed the Universal Banking and limited the ability of banks to undertake non-banking business), and Guidelines for Licence and Regulations of Financial Holding companies in Nigeria, 2014.