TUE. 04 APRIL 2023-theGBJournal | Access holdings Plc Tuesday announced a $300 million capital investment into its flagship subsidiary, Access Bank Plc.
The multinational financial services company said the proceeds will supplement the capital needs of Access Bank’s expansion strategy.
The investment takes the form of a Tier 1 capital qualifying Mandatory Convertable Instrument, and Access Holdings says it is expected to improve Access Bank’s shareholders funds and total capital ratios.
Access Holdings said the Central Bank of Nigeria has approved the Investment.
Over the years, Access Bank has made significant strides towards attaining strong market presence in key trade and payments corridors across the African continent.
”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,” says Dr. Herbert Wigwe, Group Chief Executive officer of Access Holdings.
Wigwe added that Access benefits from its non-dilutive approach to raising growth capital as it continues 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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