Access Holdings has injected a $300 million capital investment into its subsidiary, Access Bank for the execution of its African expansion strategy.
The tier-1 financial institution, in a notice signed by Sunday Ekwochi, the company secretary, said the proceeds of the investment will supplement the capital needed to offer financial services in its markets.
“As a leading financial institution on the continent, we remain foresighted in our approach to our 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.”
Sunday Ekwochi
Meanwhile, 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.
“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.”
Sunday Ekwochi
Access Remains Foresighted
Commenting on the investment, Herbert Wigwe, Group Chief Executive Officer of Access Holdings said the leading financial institution on the continent remains foresighted in its approach towards its growth and capitalization needs.
According to Wigwe, the 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.”
Herbert Wigwe
Access Holdings Plc (Holdco) is a Nigeria-based financial holding company. The Company principally hold the investments (directly or indirectly) in financial and nonfinancial institutions. The Holdco does not intend to engage in any revenue generating activity. It allows Access Bank Plc (the Bank) to be operated separately from other non-bank subsidiaries.
The Holdco subsidiaries consists of Access Insurance Brokers Limited, the Payment Services Company Limited, and Grow Microfinance Bank Limited. The Bank is a full-service commercial bank operating across 12 countries with operations in Nigeria, Sub-Saharan Africa and the United Kingdom, China, Lebanon and India. The Bank serves its various markets through five business segments: personal, business, commercial, corporate & investment banking, operations, and information technology (IT).
The company offers solutions for corporate and investment banking, commercial banking, personal banking and business banking. In addition to transactional banking, Access Bank Plc offers cash management and treasury services, project and structured finance, supply chain and trade finance as well as insurance, brokerage services, liquidity management and debt management programmes.
The company was established in 1989 and has grown its national and international footprint to approximately 300 branches. Access Bank Plc’s head office is in Lagos, Nigeria.
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