Access Bank Gets N138 Billion From Parent Company, CBN Gives Approval
- The Central Bank of Nigeria has given its nod to a $300 million investment into Access Bank by parent company
- The parent company, Access Holdings, said the investment is to consolidate the bank's presence in Africa
- A statement from Access Holdings said the investment is a mandatory convertible instrument to improve shareholders' funds
Access Bank'sBank's parent company, Access Holdings, has injected $300 million, about N138 billion in investment capital.
According to reports, Access Holdings stated that the returns would boost the capital needed to expand in Africa.
Source: UGC
New investment to boost Bank's African operations
The parent company of the tier-1 bank noted that over the years, the bank had made substantial progress towards a strong market presence in critical markets and payment pathways across Africa.
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Per the statement signed by the firm's Company Secretary, Sunday Ekwochi, the investment is in the form of tier-1 capital which qualifies as a mandatory convertible instrument and is meant to improve the bank'sbank's shareholders' funds, adding that the Central Bank of Nigeria approved the investment.
The Group Chief Executive of Access Holdings, Herbert Wigwe, said the company remains focused on its quest for growth on the continent.
Wigwe said:
"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 the world'sworld's most respected African bank.
Zambia’s Central Bank authorises Access Bank to take over Atlas Mara Bank of Zambia
Recall that Legit.ng reported that Access Holdings Plc has announced that Access Bank Zambia Limited, a subsidiary of Access Bank Plc, has received a regulatory nod from the Central Bank of Zambia for acquiring and merging African Banking Corporation (Atlas Mara Zambia).
According to a statement on Friday, March 24, 2023, by the bank’s Secretary, Sunday Ekwochi, the development was further to its announcement on October 25, 2021.
Punch reports that the Central Bank of Nigeria (CBN) and Common Market for Eastern and Southern Africa Competition Commission earlier granted the bank no objection for the transaction in 2021, the statement said.
Source: Legit.ng
