Access Holdings Finances a Bank Subsidiary with $300 million.

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According to Access Holdings Plc, it has completed a $300 million capital investment into Access Bank Plc, its flagship business. The funds will be used to augment the capital requirements of its African expansion strategy.

Sunday Ekwochi, the company secretary, said in a statementthat the bank has made great progress over the years toward achieving a strong market presence in the important commerce and payment corridors throughout the African continent.

The investment, which will take the shape of a Tier 1 capital qualifying mandatory convertible instrument, will boost the bank’s shareholders’ funds and total capital ratios, according to the announcement. The investment has received approval from the Nigerian Central Bank.

Dr. Herbert Wigwe, group chief executive of Access Holdings, commented on the deal by saying, “As a leading  financial institution in the continent, we remain foresighted in our approach to our growth and capitalisation needs.”

Punch.

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