Chima Nwokoji
Access Holdings Plc has announced the completion of a US$300 million (Three Hundred Million United States Dollars) capital investment into its flagship subsidiary, Access Bank Plc.
The proceeds of the investment according to the group will supplement the capital needs of its African expansion strategy.
Over the years, the Bank has made significant strides towards attaining a strong market presence in the key trade and payments corridors across the African continent.
The Investment is a Tier 1 capital qualifying Mandatory Convertible Instrument and is expected to improve the Bank’s shareholders’ funds and total capital ratios.
A statement signed by the company secretary Sunday Ekwochi noted that the Central Bank of Nigeria had approved the Investment.
Commenting on the transaction, Dr Herbert Wigwe, Group Chief Executive of Access Holdings 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”.
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