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MarketScreener Homepage  >  Equities  >  NIGERIAN STOCK EXCHANGE,THE  >  Access Bank Plc    ACCESS   NGACCESS0005

ACCESS BANK PLC

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Access Bank : Germany to provide financial support to local companies

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02/12/2019 | 12:07pm EDT

By Kodjo Adams, GNA

Accra, Feb. 12, GNA -Dr Gerd Muller, a German Federal Minister, has expressed his country’scommitment to collaborate with Ghana to provide financial solutions to localcompanies who wish to acquire German equipment or use their services.

The financial supportinclude setting up of accounts, providing short to medium-term creditfacilities, services for financing trade and banking transaction.

Dr Muller announcedthis in Accra, at the opening ceremony of the German Desk Ghana, a summit tooffer financial support and solutions for the German and Ghanaian companies.

The companies thuscan benefit from the combined network of Access Bank, the Association of GermanChambers of Commerce and Industry (AGCCI) and the Deutsche Investitions undEntwicklungsgesellschaft (DEG).

DEG is aprivate-sector enterprises operating in developing and emerging-marketcountries by providing tailor-made solutions, including financing, promotionalprogrammes and individual advice.

A Memoranda ofUnderstanding was signed between Access Bank and DEG; and between the GermanIndustry and Commerce in Ghana and DEG to advance the financial support.

Dr Muller said theglobal network of German Desks connected Peru, Kenya and Nigeria to Indonesiaand Bangladesh.

Ghana, he said, wasone of the Africa’s emerging economies, however, limited access to attractiveand tailor-made financing support was a major impediment to the development oftrade between her and Germany.

Dr Muller said DEGhad, therefore, created a service to close the financing gaps affecting tradeactivities with the support of the Federal Ministry for Economic Cooperationand Development and its stakeholders.

Mr Ken Ofori Atta,the Minister of Finance, said the Summit would serve as a point of contact tonetwork among key stakeholders and chart the path in building stronger synergybetween Germany and Ghana for development.

He said the countryhad witnessed a significant micro and macro growth with inflation rate of 9.4per cent as at the end of 2018, adding that the country was open for businessand welcomed investors for collaboration to increase trade and investment.

The Finance Ministersaid the country was ready to provide the necessary enabling environment forGermany to invest in, especially in the vocational sector for strong andefficient industrialisation drive.

This, he said, tiedin with the agenda of ‘Ghana Beyond Aid’, - which sought an importantpublic-private partnership for investments towards expanding production andcreating job opportunities.

Dr Martin Wansleben,the Chief Executive Officer of AGCCI, emphasised the importance of having aGerman Desk, especially in the time where access to suitable funding in youngemerging markets was often a challenge.

He said the GermanDesk would contribute immensely to the overall business cooperation betweenGhana and Germany by intensifying the competitiveness of German companies inGhana.

Mr Roosevelt Ogbonna,the Deputy Group Managing Director of Access Bank, stated that the initiativedid not only give the Bank a competitive advantage but also helped to show itsexpertise in providing customer-based solutions across all its operatingcountries.

“The partnership withDEG is the first of its kind in Ghana and mirror our successes in Nigeria,” hesaid. “We are leveraging on the global investment footprints of our partnersand our strong local industry expertise to close the finance gaps hamperingtrade activities in Ghana and the sub-region”.

GNA

(c) 2019 Ghana News Agency (GNA) Provided by SyndiGate Media Inc. (Syndigate.info)., source Middle East & North African Newspapers

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Financials (NGN)
Sales 2019 371 B
EBIT 2019 114 B
Net income 2019 60 446 M
Debt 2019 -
Yield 2019 5,94%
P/E ratio 2019 3,70
P/E ratio 2020 2,76
Capi. / Sales 2019 0,54x
Capi. / Sales 2020 0,46x
Capitalization 200 B
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NameTitle
Herbert O. Wigwe CEO, Executive Director & Group Managing Director
Mosunmola Belo-Olusoga Chairman
Ojinika Nkechinyelu Olaghere Executive Director
Oluseyi Kumapayi Chief Financial Officer
Abiye Koko Chief Information Officer
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