Access Bank Get $300m Capital For African Expansion

Access Holdings Plc has announced that it has completed a $300 million capital investment into its flagship subsidiary, Access Bank Plc. The investment is expected to supplement the capital needs of its African expansion strategy.

A statement issued to the investing public on Tuesday and signed by Access Holdings Company Secretary, Sunday Ekwochi, noted that Access Bank has over the years made significant strides towards attaining strong market presence in the key trade and payments corridors across the African continent.

“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. The Central Bank of Nigeria has approved the Investment.”

Commenting on the transaction, Group Chief Executive of Access Holdings, Dr. Herbert Wigwe, said, “as a leading 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’s Most Respected 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.”