Home Business & Economy Access Bank issues Tier II N30bn local bond

Access Bank issues Tier II N30bn local bond

Access Bank issues Tier II N30bn local bond

COMFORT EKELEME

To further strengthen its funding base, Access Bank has successfully issued a Tier II N30 billion Fixed Rate subordinated unsecured bond.

The bond which has a maturity of 7 years and is callable after 5 years was oversubscribed, which further buttresses the confidence investors repose in the bank.

The issuing houses are Chapel Hill Denham Advisory Limited, being the mandated lead issuing house and Coronation Merchant Bank Limited and First-Ally Capital Limited, being the mandated joint issuing house.

Commenting on the bond, Group Managing Director/Chief Executive Officer of the bank, Herbert Wigwe said, “We are a Bank with a rigorous and disciplined capital plan and the action taken today is in line with our 5-year strategic plan. This is to ensure a strong capital buffer at all times and support our low risk appetite. Following the merger, we identified some synergies and combined with this issue, we are confident of our capacity to attain the next level of being a more efficient Bank.

Currently, Access Bank is the Number 1 bank in Africa by customer base with integrated global franchise, strategically developing its presence in key African markets and enhancing collaboration in global financial gateways including London, New York, Asia and the Middle East.

The Bank is also consolidating its trade hubs in India, Dubai and China, positioning to be Africa’s Gateway to the World.

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