ACCESS Bank Plc has revealed its plan to raise additional capital through a local currency instrument in the third stage of its growth plan, having concluded its Rights Issue where it raised N41.8 billion in capital recently.
The bank had in 2013 announced the financing and growth plan which will make it one of the top three banks by 2017 and had subsequently raised $400 million Eurobond before its rights issue.
This was made known by Access Bank’s Executive Director, Commercial Banking, Roosevelt Ogbonna, during an interactive session with journalists yesterday. Ogbonna who refused to disclose what financial instrument would be used and the amount to be raised.
He said “I can assure you that it will be a local currency instrument but it will be an interesting one.
“Because of its nature and structure, it will be very attractive for investors because it will be forest of its kind.”
Commenting on the just concluded rights issue, Ogbonna said the bulk of the N41.8 billion raised came from local investors.
According to him, the international investors holding 35 percent shareholding of the bank had been skeptical of the Nigerian economy and had not participated in the rights issue.
He stated that only one of the international investors had invested N290 million “the remaining N41.7 billion had come from local investors and that states the confidence that local investors have in the bank and we are very glad about that.”
With the rights issue, Ogbonna said the additional capital had pushed Access Bank up to be in the top three banks in terms of capital, adding that this will help the bank grow in terms of loans and operations. “We hope to see this happen in the second half of the year.”


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