Access Holdings Injects $300m Capital Investment in Banking Subsidiary

Kayode Tokede

Access Holdings Plc,  yesterday on the Nigerian Exchange Limited (NGX) announced its completion of a   US$300 million capital investment into its flagship subsidiary, Access Bank Plc.

The Company Secretary, Access Holdings, Sunday Ekwochi in a signed statement said the proceeds will supplement the capital needs of its African expansion strategy.

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

According to him, 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,” he added.

Commenting on the transaction, Group Chief Executive of Access Holdings, Dr. Herbert Wigwe, in a statement 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 $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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