Herbert Wigwe, the Group Chief executive of Access Plc has disclosed that the group will invest more in its banking subsidiary, Access Bank in its quest to become world most respected African bank.
The group’s chief executive made the disclosure on the back of the $300 million capitalisation into the commercial bank.
According to Wigwe, “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.
“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.”
Access Holdings Plc has injected $300 million in capital investment into its flagship subsidiary, Access Bank Plc to boost the bank’s expansion across Africa.
The conglomerate had in a corporate filing with the Nigeria Exchange, NGX, Limited said the capital investment is necessary for its Africa’s expansion strategy.
Providing details, the financial behemoth said consistent investments in Access Bank has made the commercial bank a key player in Africa’s trade and payment system.
The group future stated that the new investment was in 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.
The regulatory body, the Central Bank of Nigeria, CBN, the Group noted has approved the capitalisation.
