Access Holdings Invests $300million To Boost Bank’s Continental Expansion Drive
Access Holdings Plc has announced the injection of a $300 million capital investment into its flagship subsidiary, Access Bank Plc to boost the capital needs of the bank’s expansion across Africa.
This was contained in a regulatory filing at the Nigerian Exchange(NGX), Access Holdings stated that the new capital investment will supplement the capital needs of the bank’s African expansion strategy.
Speaking on the investment, the Group Chief Executive, Access Holdings, Dr. Herbert Wigwe said as a leading financial institution in the continent, the group remains 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.”
“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.”
“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.
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.