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Annual Report and Accounts 2011

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Annual Report and Accounts 2011 THE ACCESS BANK UK LIMITED Sustainable growth A through service NNUA L RE P O rt excellence AN D A The Access Bank UK Limited CC Annual Report and Accounts 2011 O UNT S 201I The Access Bank UK Limited 4 Royal Court Gadbrook Way Gadbrook Park Northwich Cheshire CW9 7UT www.theaccessbankukltd.co.uk Registered in England number 6365062. Registered Office: 4 Royal Court, Gadbrook Park, Northwich, Cheshire, CW9 7UT. Authorised and regulated by the Financial Services Authority. FSA Registration No.: 478415 Advisors and Offices The Access Bank UK exists to grow Advisors Offices the business of the Access Bank Group Internal Auditors The Access Bank UK Limited Grant Thornton UK LLP 4 Royal Court through excellence in customer service 30 Finsbury Square Gadbrook Way London Gadbrook Park and innovative solutions in trade EC2P 2YU Northwich Cheshire CW9 7UT finance, treasury services, commercial Retained Lawyers CMS Cameron McKenna LLP banking and asset management. Mitre House The Access Bank UK Limited 160 Aldersgate Street 1 Cornhill London London We are licensed and regulated by the EC1A 4DD EC3V 3ND UK’s Financial Services Authority (FSA) External Auditors The Access Bank UK Representative Office KPMG No. 7, 6th Street and support opportunities in OECD 15 Canada Square Osborne Estate London Ikoyi markets for Access Bank Group E14 5GL Lagos Nigeria customers in Nigeria, Sub-Saharan and West Africa. Like our parent, we are committed to As the major OECD operational hub for developing a sustainable business model Access Bank, we play a key role in our for the environment in which we operate. Group’s vision to be the most respected bank Our commitment to business sustainability in Africa. We refuse to chase unsustainable defines our approach to risk and our yields as a route to growth, and instead focus passion for customer service. on building our business through the strength of our customer relationships. Corporate Information 45 The Access Bank UK Limited Annual Report and Accounts 2011 The Access Bank UK Limited Annual Report and Accounts 2011 Financial highlights Contents Overview 01 Financial and Operational highlights 02 The Access Bank UK at a glance Operating income % 04 Chairman’s Statement £9.6M +55 Operating costs % M +19 £8.4 Business Review 05 Chief Executive’s Review 07 Corporate Philosophy 08 Our Strategic Business Units Growth in balance sheet 09 Trade Finance 10 Treasury % to M 11 Commercial banking +43 £362 12 Asset Management 13 IT Systems and Sustainability PBIT M £1.2 Governance 14 Our approach to risk management 18 Board of Directors Operational highlights Recognition as trade finance and correspondent bank for the Central Bank of Nigeria (CBN) Financial Statements 20 Directors’ Report 22 Statement of Directors’ Responsibilities 23 Independent Auditors’ Report Consistent growth rates for assets under 24 Statement of Comprehensive Income 25 Statement of Financial Position management with our USD portfolios 26 Statement of Changes in Equity achieving a 38% return (pre fees) 27 Statement of Cash flow 28 Notes to the Financial Statements Award of Investors in People (IIP) accreditation Significant investment in core trading Corporate Information platform expanding capabilities in trade 45 Advisors and Offices finance and payment services Access Bank Group established as a top four bank in Nigeria as a result of successful acquisition and integration of Intercontinental Bank (assets and contingency now N2.05trn) 01 The Access Bank UK Limited Annual Report and Accounts 2011 Strategic Business Units Overview The Access Bank UK at a glance The Access Bank UK is a wholly owned subsidiary of Access Bank plc. We provide Trade Finance trade finance, treasury, commercial and private banking services for clients of the 1 Access Bank Group in their dealings with OECD markets, acting as a confirming bank for the Group and a registered trade finance and correspondent bank for the Central Bank of Nigeria (CBN). The Access Bank UK is recognised and regulated by the UK Financial Services Authority (FSA) with independent, Transactions handled wholly UK-located IT systems that BN adhere to FSA standards of data $2.2 collection and management. Our operations comprise the following four Strategic Business Units (SBUs): Review for this division Page 09 Trade Finance Summary – Acts as a confirming bank for Access Bank Group customers – Registered 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) – Acts as correspondent bank for Nigerian and Ghanaian banks lacking a UK-authorised subsidiary – Accredited by IFC (World Bank Commercial Arm). 02 The Access Bank UK Limited Annual Report and Accounts 2011 Overview Treasury Commercial Asset 2 3 Banking 4 Management Balance sheet Customer balances Portfolio performance £362M £96M 38% % % growth +43 +122 Based on USD portfolio return (pre fees) Review for this division Review for this division Review for this division Page 10 Page 11 Page 12 Treasury Summary Commercial Banking Summary Asset Management Summary – Handles placement of deposits – Relationship bank, working as a – Provides discretionary portfolio and capital placed with The Access confirming house for worldwide management services, bringing Bank UK contractors operating in Nigeria worldwide investment products to high net worth Nigerian customers – Hedges foreign exchange risk – Manages direct customer relationships in support of Trade Finance for Trade Finance activities – Relationship-based service wholly tailored to individual customer – Offers a range of currencies for – Develops Packaged Trade Finance requirements customer transactions, including solutions to facilitate the import USD, GBP, EUR, JPY and CAD of goods into Nigeria and to – Launched UK Investor Visa product overseas markets. for 2012, lending funds to selected – Uses active trading platforms customers to purchase UK to ensure competitive rates Government Gilts for customers – Lagos-based Private Banking team – Provides bespoke solutions for offering face-to-face customer cross-currency transactions service in Sub-Saharan Africa. – Conservative risk strategy, focused on institutions A rated and above. 03 The Access Bank UK Limited Annual Report and Accounts 2011 Chairman’s Statement A transformative year for Access Bank The past financial year has been a transformative one for the Access Bank Group as a whole as we move towards our vision of being the most respected bank in Africa. That vision, and the values with which we pursue it, are equally integral to the strategy and philosophy of Mr Aigboje Aig-Imoukhuede, CON The Access Bank UK. With the acquisition and successful and this defines our approach to risk consistency of our asset management integration of Intercontinental Bank, and our passion for building long-term performance since launch, and the completed in January 2012, Access Bank relationships through customer service development of a new Private Banking Group is now firmly established as one excellence. We refuse to chase yield as brand and products enable us to meet of the leading four banks in Nigeria, a shortcut to growth, and as a result we growing demand for these services from increasing total assets and contingency have been able to negotiate extremely across our expanded customer base. to N2.05 trillion. In addition, the merger challenging times for the banking sector of the two operations has significantly and world economy. Our success is built As significant as the growth in the increased Access Bank’s foothold in upon Access Bank Group’s long-term business are the successful investments Ghana and other West and Sub-Saharan relationships with customers in Nigeria we have made in systems and people African markets. and its surrounding region, and The Access during the year. These ensure that The Bank UK’s consistently strong delivery Access Bank UK has all the capabilities As our major international operational of trade finance, commercial banking, that it requires to service a significant rise hub, The Access Bank UK has a central treasury and asset management services in business over the short and medium part to play in the growth of business that to this customer base. term. We are proud to have earned will result from our new position. It gives Investors in People (IIP) accreditation me great satisfaction that the performance It is the nature of our relationships, and the for the first time in 2011 and I would of the operation during the last financial unique position that The Access Bank UK also like to extend my congratulations year provides such a well-established base holds in its ability to service them, that has to those employees recognised in our from which to perform this role. The driven growth for the business in the past Rewarding Excellence programme for Access Bank UK has fulfilled its objective year. Licensed and regulated by the UK’s their commitment to innovation and to deliver a profit in its third full year of Financial Services Authority (FSA), we are outstanding customer service. operation, on the back of significant rises able to act as a credible confirming bank in operating income. This success owes across global markets. At the same time, I would like to thank all of our much to the bank securing recognition our deep understanding of the Nigerian customers and employees for their as a correspondent and trade finance market enables us to offer competitive continued support.
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