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ACCESS HOLDINGS INVESTS $300M IN BANK SUBSIDARY

To drive African expansion, Access Holdings Plc has injected $300 million in capital investment into its flagship subsidiary, Access Bank Plc to boost the bank’s expansion across Africa.

In a regulatory filing at the Nigerian Exchange(NGX) yesterday, Access Holdings stated that the new capital investment will supplement the capital needs of the bank’s African expansion strategy.

The company noted that over the years, Access Bank has made significant strides towards attaining strong market presence in the key trade and payments corridors across the African continent.

The new investment was in 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 (CBN) has approved the investment.

Group Chief Executive, Access Holdings, Dr Herbert Wigwe said as a leading financial institution in the continent, the group remain foresighted in its approach to its growth and capitalisation needs.

“This investment is a capstone initiative following the $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,” Wigwe said.

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