Access Bank joins ISDA
In recognition of Access Bank’s long standing contribution to the development of the financial markets across Africa, the Board of Directors of International Swaps and Derivatives Association (ISDA), has unanimously admitted the bank to Primary Membership of the Association.
Primary membership of the Association is only extended to eligible institutions dealing in derivatives for purposes other than ‘risk hedging or asset or liability management.
ISDA primary members include the largest swap and derivatives dealers such as JP Morgan Chase, Deutsche Bank and Goldman Sachs.
A statement issued in Accra on Tuesday by Mrs Matilda Asante-Asiedu, Public Relations Manager of Access Bank (Ghana) Limited, said the bank was the first African bank outside South Africa to be admitted to the membership of the Association.
Commenting on this development, Aigboje Aig-Imoukhuede, Access Bank’s Group Managing Director, said “Our admittance to primary membership of the ISDA reflects our on-going presence in the domestic market and complements the efforts of the Central Bank of Nigeria in developing the Nigerian foreign exchange markets as evidenced by its recently released ‘Guidelines for FX Derivatives and Modalities for CBN FX Forwards.
“We consider our membership of the ISDA to be a strong reflection of Access Bank’s leadership in the financial markets and intend to leverage the inherent opportunities presented by the ISDA platform to showcase the attractiveness of the Nigerian financial system to the international financial community.”
Chartered in 1985 with about 800 member institutions of which only 209 are primary members from across 54 countries, ISDA has pioneered numerous initiatives aimed at identifying and reducing the sources of risk in the derivatives and risk management business.
The Association’s membership is also extended to global businesses, governmental entities and other users that rely on over-the-counter derivatives to efficiently manage the financial risks inherent in their core economic activities.
It is evident that Access Bank’s membership of this reputable Association will enhance the Bank’s capacity and add significant value to its business operations.
Access Bank Plc is a socially responsible organisation with a clearly developed strategy for facilitating societal development and wellbeing.
The Bank is one of Africa’s pre-eminent financial services groups, and has a full banking subsidiary in the United Kingdom (UK) and all monetary zones across sub-Saharan Africa.
It is ranked 12th in Africa and amongst the top 500 banks in the world by tier 1 capital as at March 31, 2010.
Source: GNA