Access Holdings Completes $300m Capital Investment in Bank Subsidiary
By People’s Voice Nigeria | News
Access Holdings Plc said it has completed $300m capital investment into its flagship subsidiary, Access Bank Plc, the proceeds that will supplement the capital needs of its African expansion strategy.
It said in a statement by the Company Secretary, Sunday Ekwochi, on Tuesday that over the years, the bank had made significant strides towards attaining strong market presence in the key trade and payments corridors across the African continent.
The statement said, “Investment takes 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 Central Bank of Nigeria has approved the investment.”
Commenting on the transaction, the Group Chief Executive of Access Holdings, Dr Herbert Wigwe, said, “As a leading financial institution in the continent, we remain foresighted in our approach to our growth and capitalisation needs.”