Access Bank to resume operations in Cote d Ivoire

NIGERIAS Access Bank will reopen in Cote d Ivoire next week after suspending operations there during a political crisis, but would scale back its business to concentrate on corporate clients.Foreign banks including Access suspended activities in the former French colony in February amidst several months of post-election conflict.Access said it would reopen on May 9 but had undertaken a review of its operations in Cote d Ivoire  which included corporate, retail and government bankingduring the closure.We have determined that our hitherto broad approach to serving all segments in the Ivorian economy does not align with our strength and is constraining us from achieving our market penetration objectives, the bank said in a statement.In view of this we have chosen to concentrate on serving our corporate clients, it said.During the turmoil, disputed incumbent leader Laurent Gbagbo, who refused to accept election defeat, cut ties with West Africas central bank because it refused his signature on state accounts, bringing the financial system close to collapse.The financial system in the worlds top cocoa grower is in on the brink of collapse after disputed incumbent leader, Laurent Gbagbo cut the countrys ties with West Africas central bank because it would not recognise his signature on state accounts.French bank BNP Paribass Ivorian unit, the second biggest bank, and Citibank suspended operations and Nigerias Access Bank and Standard Chartered  followed suit.Societe Generale and BNP Paribas between them ran more than two thirds of the banking system. Banks pulling out cited security concerns and problems with liquidity and clearing cheques.
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