Access Bank South Africa, formerly known as Grobank Limited, and Bank of Athens (South Africa) before that, is a

commercial bank A commercial bank is a financial institution which accepts deposits from the public and gives loans for the purposes of consumption and investment to make profit. It can also refer to a bank, or a division of a large bank, which deals with cor ...

South Africa South Africa, officially the Republic of South Africa (RSA), is the southernmost country in Africa. It is bounded to the south by of coastline that stretch along the South Atlantic and Indian Oceans; to the north by the neighbouring countri ...

. It is licensed by the Reserve Bank of South Africa, the

central bank A central bank, reserve bank, or monetary authority is an institution that manages the currency and monetary policy of a country or monetary union, and oversees their commercial banking system. In contrast to a commercial bank, a central ba ...

and national banking regulator. The bank began commercial operations in June 2021, following the acquisition of a retail commercial banking license.

Location

The bank's headquarters are located at Building Number 3, Inanda Greens Business Park, 54 Wierda Road West, Wierda Valley,

Sandton Sandton is an upscale commercial and residential district north of the city of Johannesburg, South Africa. It forms part of the City of Johannesburg Metropolitan Municipality. The name of the city came from the combination of two of its suburbs, ...

, South Africa. 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 Access Bank Group is a financial services conglomerate, headquartered in Nigeria, with subsidiaries in the Democratic Republic of the Congo, Ghana, Kenya, Nigeria Nigeria ( ), , ig, Naìjíríyà, yo, Nàìjíríà, pcm, Naijá , ...

, 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 The Nigerian Stock Exchange (NSE) now Nigerian Exchange Group is a Nigerian stock exchange founded in 1961 in Lagos. As of November 2019, it has a total of 161 listed companies, with 8 domestic companies on the premium board, 144 companies on the ...

under the symbol ACCESS. As of 31 December 2021, Access Bank Group had total assets in excess of US$28 billion.

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. 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.

Governance

The managing director and

CEO A chief executive officer (CEO), also known as a central executive officer (CEO), chief administrator officer (CAO) or just chief executive (CE), is one of a number of corporate executives charged with the management of an organization especially ...

is Sugendhree Reddy.

References

External links