Nigeria's Access buys 75 pct of Rwandan bank

KIGALI, July 31 (Reuters) - Nigeria's Access Bank ACCE.LG has bought a 75 percent stake in Rwanda's Bancor Bank for $13.5 million as part of an accelerated expansion across sub-Saharan Africa, an official said.

Access Group's deputy managing director, Herbert Wigwe, said his bank had set aside $175 million for its expansion plans across Africa over the next five years.

"The acquisition of this stake in Bancor will anchor our expansion into the East African market," he said late on Wednesday.

The remaining 25 percent shareholding in the newly acquired Bancor is owned by Rwandan individuals.

Access Bank has shareholder funds in excess of $1.5 billion and an asset base of over $10 billion as of March 2008, he said.

With operations in seven African countries, the bank wants to enter another 15 countries within the next 18 months.

Wigwe said Access was now looking for opportunities in Kenya, Uganda and Tanzania.

"Our continent can only be developed by us, the Africans," he said. "The Indians or Chinese are coming here to just make money and probably go back but we are coming as Africans wanting to drive forward this continent."

Access Bank is the second Nigerian bank to enter Rwanda's emerging market where Ecobank ETIT.LG already operates.

Nigeria's largest insurance group, Industrial and General Insurance, also recently acquired a 35 percent share in Rwanda's largest insurance company.

Access Bank was recently ranked 359th amongst the world's top 1000 banks. (For full Reuters Africa coverage and to have your say on the top issues, visit: africa.reuters.com/)