Access Bank recently announced the successful completion of its $300 million capital investment into its flagship subsidiary, Access Holdings. This strategic move is part of the bank’s African expansion strategy and will supplement their capital needs for future growth.
This information was disclosed in a corporate disclosure on the NGX website seen by RateCaptain.
The Group Chief Executive Officer, Dr Herbert Wigwe commented on this transaction saying “As a leading financial institution in Africa, we remain foresighted in our approach to growth and capitalization needs. This investment is a capstone initiative following the $500 million additional Tier 1 Capital raised by the bank earlier this year which advances our vision to be one of world’s most respected African banks.”
The non-dilutive approach taken by Access Bank for raising funds has paid off dividends as it allows them to continue growing without having any impact on their existing shareholders or stakeholders. With such an impressive start made towards expanding across Africa, there are sure big things ahead for Access Bank