Access Holdings completes $300-million capital investment
Access Holdings Plc has announced the completion of a $300 million capital investment into its flagship subsidiary, Access Bank Plc, with Ghana as one of its leading strategic subsidiaries in Africa.
In a corporate disclosure, Access Holdings explained that the proceeds will supplement the capital needs of its African expansion strategy.
With continuous strive for presence in the key trade and payment corridors, Access Holdings noted that over the years, the bank had made significant strides towards attaining a strong market presence in key trade and payment corridors across the African continent.
The statement, signed by the Company Secretary, Sunday Ekwochi, noted that the investment took the form of a Tier 1 capital qualifying a mandatory convertible instrument, and is expected to improve the bank’s shareholders’ fund and total ratios.
Commenting on the transaction, Dr Herbert Wigwe, Group Chief Executive of Access Holdings, said that as a leading financial institution on the continent, the Group remained foresighted in its approach to 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. Further to this, 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,” he said.
BY TIMES REPORTER
