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Annual Report 2020 the Access Bank UK Limited Annual Report 2020 3 Lighthouse Noun

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Annual Report 2020 the Access Bank UK Limited Annual Report 2020 3 Lighthouse Noun Strength and resilience Annual Report 2020 The Access Bank UK Limited Annual Report 2020 3 lighthouse noun 1 A tower or other structure containing a beacon light to warn or guide ships at sea. The main objective of The Access Bank UK 2 The lighthouses that stand sentinel on the shoreline Limited (the Bank) is to grow the international of the British Isles to warn of danger have saved the lives of countless sailors, ships and cargoes since Roman times, 2,000 years ago. business of Access Bank Plc and the Group 3 In guiding the unwary away from hazards, they remain as vital now (our parent), using a combination of exemplary as they were all those centuries ago and, in withstanding the customer service; innovative solutions elements, are themselves enduring symbols of strength and resilience. across our core Strategic Business Units of Trade Finance, Commercial Banking, Asset Management and Dubai; and strict adherence to corporate governance that exceeds internationally recognised standards. As we start the fourth year of our current five-year strategic plan, we remain committed to delivering value and sustainable growth to our parent and principal stakeholders. Contents 2020 Highlights 3 Strategic Business Units Overview 4 Our Values 7 Our Business Model 8 Our Vision 8 Our Mission 8 Our Milestones 11 Chairman’s Statement 12 Chief Executive’s Review 13 Operational Review 16 Corporate Social Responsibility 18 Risk Management 20 Board of Directors 22 Five-Year Record 24 4 The Access Bank UK Limited Annual Report 2020 The Access Bank UK Limited Annual Report 2020 5 2020 Highlights The $100m income milestone is reached for the first time in the Bank’s history, with 18% year-on-year growth to $100.8m. Costs fell 10.4% year-on-year to $25.1m. Trade finance income increased by 28% year-on-year to $51.5m. Commercial Banking customer deposits totalled $876m, up 12% year-on-year. Assets under management grew to $223m, a 69% increase on 2019. Income from Dubai, our fourth Strategic Business Unit, grew by 35% to $10.1m. 100.8 85.2 We are authorised by the Prudential Regulation We focus on building long-term relationships, and Operating Income ($m) Operating Costs ($m) Authority (PRA), and regulated by the Financial working collaboratively with our customers, to 71.0 Conduct Authority (FCA) and the Prudential better understand their goals and develop strategies Regulation Authority, which puts us in a strong that are specifically tailored to meet their needs. $100.8m $25.1m position to support opportunities in the Organisation 46.6 for Economic Co-operation of Development We provide our employees with ongoing support 33.9 (OECD) markets for Access Bank Plc and the Group and development opportunities, which reflects in 30.2 26.9 28.0 customers. As the parent’s OECD operational hub, their dedication and professionalism, and we are 25.1 we support the flow of investment into markets in proud to have been awarded Platinum Status by 17.0 17.0 18.2 Nigeria, Sub-Saharan and West Africa. Investors in People (IIP). We are also authorised by the Dubai Financial The Bank is led by a team of experienced individuals 2015 2016 2017 2018 2019 2020 2015 2016 2017 2018 2019 2020 Services Authority (DFSA) to run our Dubai committed to the delivery of superior financial operation – located in the Dubai International solutions to businesses and individuals. Our staff Finance Centre (DIFC) – which enables us to assist have worked in the Sub-Saharan, West African, with trade and investment requirements between MENA and international marketplaces, and are Pre-Tax Profits ($m) Post-Tax Profits ($m) Sub-Saharan Africa and the MENA region. able to deliver a wealth of knowledge and in-depth experience. 57.2 The Bank is a wholly owned subsidiary of $16.8m $13.5m Access Bank Plc, a company listed on the In common with our parent, the Bank is committed 44.0 44.3 Nigerian Stock Exchange. to developing a sustainable business model for the 34.8 environment in which it operates. This is apparent 28.4 in our moderate appetite for risk, a passion for 22.9 16.9 16.8 customer service and a commitment to working in 13.1 13.4 13.5 10.6 close partnership with our customers to forge long- term relationships with them. 2015 2016 2017 2018 2019 2020 2015 2016 2017 2018 2019 2020 We play a key role in the vision of Access Bank Plc and the Group “To be the world’s most respected African bank”. As such, we refuse to chase unsustainable yields as a route to growth, but instead focus on the strength of our customer relationships to develop the business in a measured, structured and sustainable way. We continued to grow the income of the Bank year-on-year based on our strong relationships with our customers despite the headwinds that we and our customers faced by the impact of COVID-19. 6 The Access Bank UK Limited Annual Report 2020 The Access Bank UK Limited Annual Report 2020 7 Strategic Business Units Overview Commercial Banking Relationship-based service for corporate and individual customers encompassing bank accounts, international The Bank offers clients Trade Finance, Commercial Banking and Asset transfers, foreign exchange transactions and a range of Dollar, Sterling and Euro deposit-based products. Management services in their dealings with OECD markets and supports Bespoke trade finance solutions to facilitate the import of goods into Nigeria, other Sub-Saharan Africa countries companies exporting to Sub-Saharan Africa and MENA markets. and the MENA region. Offers Retail Savings Bonds 1, 2 & 3 year with fixed rates for UK nationals. We are authorised by the Prudential Regulation Authority (PRA) and regulated by the Offers both investment and owner-occupied loans secured on UK properties. UK’s Prudential Regulation Authority (PRA) and Financial Conduct Authority (FCA). Our operation in Dubai is regulated by the Dubai Financial Service Authority (DFSA). Commercial Banking Income Customer Deposits Nigerian Corporates The Bank’s IT systems are independent, wholly located in the UK and adhere to these authorities’ standards of data collection and management. maintained$30.6 atm +12%$876 yoy m +12%$11 yoym Our operations comprise the following Strategic Business Units (SBUs): 2019 levels Trade Finance, Commercial Banking, Asset Management and Dubai. Asset Management Trade Finance Relationship-based service dedicated to developing a clear understanding of our clients’ changing requirements. Provides bespoke discretionary portfolio management services, fixed interest and execution-only portfolios, OECD trade finance hub for Access Bank Plc and the Group. bringing worldwide investment products to high-net-worth customers, primarily in Nigeria and Ghana. Confirming bank for customers of Access Bank Plc and the Group and exporters to markets in Sub-Saharan Africa Lending services through portfolio and other asset instruments. and MENA. Correspondent bank to institutions in Nigeria and other countries in Sub-Saharan Africa. Asset Management Income Assets Under Management Approved correspondent and trade finance bank for the Central Bank of Nigeria (CBN). Issues Letters of Credit on behalf of the Nigerian government and Nigerian National Petroleum Company (NNPC). Accredited by International Finance Corporation IFC (World Banking Commercial Arm). +27%$3.3 yoym +69%$223 yoy m Trade Finance Income Correspondent Banking Income Discounting Services Income Dubai $51.5m $24.9m $11.8m +28% yoy +100% yoy maintained at Linking Sub-Saharan Africa and Europe to the MENA region. 2019 levels Bespoke trade finance solutions to facilitate the import and export of goods between these regions. Dubai Income +35%$10.1 yoy m 8 The Access Bank UK Limited Annual Report 2020 The Access Bank UK Limited Annual Report 2020 9 A guiding Our Values light Six core values are at the heart of our business and The values that define us as a bank are at the drive everything that we do. These are shared with very heart of what we do and guide us in every aspect of our operations. our parent: Excellence Innovation Professionalism Surpassing ordinary standards to be the Identifying new market needs and Putting our best foot forward in everything best in all that we do. opportunities. we do, especially in high-pressure situations. Setting the standard for what it means to Creativity, invention, inspiration, exploration. Consistently bringing the best of our be exceptional. knowledge and expertise to the table in all Pioneering new ways of doing things, new interactions with stakeholders. Never losing sight of our commitment to products and services, new approaches to excellence, even when the going gets tough. customers. Setting the highest standards in our work ethic, behaviour and activities in the way Remembering that excellence requires Being first, testing the waters, pushing we treat our customers and – just as dedication and commitment. boundaries. importantly – each other. Our approach is not that of excellence at all Progressing from concept to reality. Putting our customers’ needs ahead of costs – it is excellence on all fronts – so that our own. we deliver outcomes that are economically, Anticipating and responding quickly to environmentally and socially responsible. market needs with the right technology, Always maintaining composure and clear products and services to achieve our thinking. customers’ objectives. Ensuring continuous learning through growth and career development. Passion for customers Empowered employees Leadership We live to serve our customers. Recruiting and retaining the right people and Leading by example, leading with guts. teams, based on shared values and vision. As well as delivering excellent customer Being first, being the best, sometimes being service, we focus on our corporate Developing our people to become world- the only. responsibilities, supporting growth and class professionals.
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