BY NKECHI NAECHE-ESEZOBOR–Access Holdings Plc (“Access Holdings”) has announced the completion of a US$300 million capital investment into its
flagship subsidiary, Access Bank Plc (“Access Bank” or “the Bank”) (the Investment’).
According to notice posted on the official website of Nigerian Exchange Group that the proceeds of which will supplement the capital needs of its African expansion strategy.
The statement added that over the years, the Bank has made signíficant strides towards attaining strong market presence in the key trade and payments corridors across the African continent.
It added that the Investment takes the form of a Tier 1 capital qualifying Mandatory Convertible instrument and is expected to improve the Bank’s shareholders funds and total capital ratios.
It reads further “The Central Bank of Nigeria has approved the Investment.
Commenting on the transaction, Dr. Herbert Wigwe, Group Chief Executive of Access
Holdings said: “As a leading caoitalization
financial institution in the continent, we remain foresighted in our approach to our growth and capitalization needs.This investment is a capstone initiative following the US$500 million Additional Tier 1 capital raised by the Bank in 2021 and advances its vision to be the world most respectable African Bank.
“Access Holdings benefits from this non-dilutive approach to raising growth capital as we continue to invest in initiatives geared towards delivering our vision of building a globally connected community and ecosystem inspired by Africa for the World through disciplined growth and diversification.”
