THUR, MARCH 19 2020-theG&BJournal –Nigeria’s Bank of Industry (BOI) said Thursday the key factors that led to the success of the deal include, the impressive credit ratings of the bank, its IOS certifications in both QMS and ISMS, as well as the strong strategic partnership with the Nigerian commercial banks, who provided guarantees to BOI customers.’’
The Bank successfully raised €1 billion recently in the international capital markets, a transaction aimed at improving the capacity of the bank to continue its support for Micro, Small, Medium and large enterprises, across key sector, of the Nigerian economy.
The transaction was launched on January 15, 2020 with an initial size of €750 million. Upon closing in February 19, 2020, the deal was oversubscribed by 60% and the size was thereafter scaled up and concluded with a sum of €1 billion.
‘’The investors were particularly impressed with the business model and corporate governance structures of the bank,’’ BOI management said, to underscore the excitement gleaned from investors when it presented its information memorandum to an audience of about 60 potential investors in London in December 2019.
‘’The transaction is a further confirmation of the acceptance of BOI in the international financial market, following its first successful fund raising transaction in 2017, in which it raised $750 million from a syndicate of the 16 international banks,’’ BOI said.
In 2019, BOI disbursed a total of N234 billion to 10, 145 enterprises, creating over 1 million jobs, according to the bank.
‘’The support of all the bank’s stakeholders and strategic partners was instrumental to this and the bank aims to continue to strengthen it,’’ BOI said.
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