The Managing Director of Access Bank, Mr Roosevelt Ogbonna,
made this known in a statement in Lagos on Tuesday.
Ogbonna said that the expansion into custody services came
after obtaining regulatory approvals from the Securities and Exchange Commission
(SEC) and the Central Bank of Nigeria (CBN) in December 2022.
He said that custody services was a crucial component of the
bank’s continued growth and expansion strategy.
According to him, it aligned with the bank’s vision to
become the gateway bank into African markets.
Ogbonna said with the establishment of Access Investor
Services Nominee Limited, a nominee company, customers’ assets would be held
separately from the bank’s proprietary assets, while ensuring the utmost
security and protection.
“The launch of custody services represents a milestone in
our mission to consolidate our strong franchise in corporate and investment
banking.
“We are committed to providing alpha-suite services to our
corporate customers, including financial institutions both bank and non-bank,
local and foreign. “As we expand our clientele in this space, we aim to be the
preferred partner for businesses looking to access international markets
through strategic partnerships,” he said.
The managing director said access investor services, which
was now open for business, had commenced with onboarding customers.
The statement also quoted Bunmi Arowosafe, Head, Access
Investor Services (AIS), as saying that the bank had implemented a
comprehensive and robust custody and settlement application that would ensure a
high level of straight-through processing (STP).
Arowosafe said that customers should expect a secure
communication channel and all-around access to view holdings and track
instructions.
He added that the bank’s enhanced Information Technology
capability within its ecosystem would further augment the custody services.
“The comprehensive custody services offered by Access
Investor Services encompass securities processing, trade settlement, treasury
and liquidity management, and multi-market services through subsidiaries and
established partnerships.
“This expansion marks yet another step towards fulfilling
Access Bank’s mission to provide exceptional financial solutions and
unparalleled access to markets for both domestic and foreign,” he said.