By MICHAEL EBOH
Access Bank Plc has reiterated its commitment to its plan to operate as an international banking institution in the new licensing regime in the Nigerian banking sector, announcing that it has met and exceeded the necessary requirements stipulated by the Central Bank of Nigeria (CBN).

Speaking during its 22nd annual general meeting in Lagos, Group Managing Director and Chief Executive Officer, Access Bank Plc, Mr. Aigboje Aig_Imoukhuede, identified some of the requirements for the international banking license as the adoption of International Financial Reporting Standard (IFRS) and the minimum amount of capital stipulated by the CBN.

“With respect to our application for international banking license,” he said, “I want to inform all of our shareholders that we have exceeded all the requirements put forward by the authorities.

He further noted that of the 24 banks operating in the country presently, Access Bank emerged fifth in terms of profitability.

Aig_Imhoukhuede also reiterated the bank’s commitment to the growth of the real sector and economy in general, saying, “At a time when most banks did not lend, we took steps to push for lending to the real sectors such as agric, manufacturing among others.”

Meanwhile, shareholders of the bank at the annual general meeting, commended the performance of the bank in the 2010 financial year.

The shareholders commended the risk management structures that have been installed by the bank, adding that it will help strengthen the operations of the bank, putting it in a better position to leverage on its growth plan.
National Coordinator, Independent Shareholders Association of Nigeria (ISAN), Mr. Sunny Nwosu, advised the bank to implement measures that would improve the profitability of its branches outside the country.

He said, “The annual report met all known international standards, especially with regards to full disclosure as recommended by the International Financial Reporting Standards (IFRS) which to me is good for the image of the bank.”

In his earlier remarks,  Aig_Imoukhuede affirmed that there were numerous lessons to be learnt from the global economic crisis which ravaged global economies few years back.

“Our board and management have spent considerable amount of time reflecting deeply on these issues and their implications for your bank in going into the future. Most analysts are unanimous in the view that post crisis, Access Bank is in a significantly enhanced position amongst Nigeria’s 24 banks when compared to its position before the crisis,” he said.