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.