Access Holdings Plc has announced its completion of a US$300 million capital investment into its flagship subsidiary, Access Bank Plc, the proceeds of which will supplement the capital needs of African expansion strategy. Over the years bank has made significant strides towards attaining strong market presence in the key trade and payment corridors across the African continent.
The investment takes the form of a Tier 1 qualifying Mandatory Convertible Instrument and it’s expected to improve the Bank’s shareholders funds and total capital ratios. The Central Bank of Nigeria has approved the investment.
Commenting of the transaction, Dr. Herbert Wigwe, Group Chief Executive of Access said:
“As a leading financial institution in the continent, we remain foresighted in our approach 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 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”.