Access Bank Plc, parent company of Access Bank Ghana, has successfully raised US$300 million via a Eurobond from the international bond market.<\/p>\n
The Bank recently assessed the international market to raise the bond with maturity date in October 2021, at a coupon of 10.5%.<\/p>\n
This makes Access Bank Plc the first Nigerian bank to raise bond from the international market this year despite the Nigeria\u2019s macro-economic headwinds.<\/p>\n
The\u00a0\u00a0 successful outcome\u00a0\u00a0 of\u00a0\u00a0 the\u00a0\u00a0 bond\u00a0\u00a0 also\u00a0\u00a0 demonstrates\u00a0\u00a0 the\u00a0\u00a0 strength,\u00a0\u00a0 resilience\u00a0\u00a0 and\u00a0\u00a0 international endorsement of Access Bank Plc.<\/p>\n
Besides, industry analysts perceived the development as a show of support to attract foreign exchange into the country.<\/p>\n
The Bank currently has two series of Eurobonds in issue – the $350 million maturing in July 2017 at a coupon of 7.25% and the $400 million (9.25%), June 2021 maturity date as part of a US$1 billion global medium term note programme.<\/p>\n
Commenting on the development, Herbert Wigwe, Group Managing Director\/CEO of Access Bank, said<\/strong>, \u201cthe bond will be for working capital, for lending to investment-grade names, including Nigerian companies seeking to expand their exports.\u201d<\/p>\n He emphasized that the process signifies a significant moment on the Bank\u2019s journey to entrench itself as one of Nigeria\u2019s top three banks by 2017.<\/p>\n \u201cIt also ensures that we keep our promise of speed, service and security to our customers as we target Africa\u2019s fastest-growing industrial sectors,\u201d he added.<\/p>\n Access Bank is now one of the top 3 banks in Nigeria and ranked among the top 500 global banks according to a 2015 report by The Banker magazine and is aiming to be Africa\u2019s top bank.<\/p>\n In 2016, Access Bank was adjudged winner for Best Branch Automation Project, Asian Banker Awards; 2016 Karlsruhe Outstanding Business Sustainability Award; 2016 Euromoney Africa\u2019s Best Bank Transformation Award and the EMEA Finance \u2018Best Bank of the Year\u2019 and CEO of the Year.<\/p>\n Its subsidiary Access Bank Ghana, is recognized as one of the fastest growing banks in the Ghanaian banking industry having recorded a positive growth trajectory and consistent financial performance across key indicators over the past 7 years.<\/p>\n The Bank recently received approvals from the Securities and Exchange Commission (SEC) and the Ghana Stock Exchange (GSE) to undertake an Initial Public Offering to support its growth and expansion strategies in Ghana.<\/p>\n The move comes after calls by SEC for multinationals to list on the domestic bourse and improve Ghana\u2019s capital market.<\/p>\n The offer which began on Wednesday October 19 is set to open until November 11, 2016.<\/p>\n The Bank plans to list 136.6 million shares on the Ghana Stock Exchange on November 30 with a share price of 4 cedis per share.<\/p>\n Currently, Access Bank serves over 7 million individual and corporate account holders, through 370 branches and with more than 1,500 ATMs in major centres across Sub-Saharan Africa, the Middle East, the UK and Representative offices in Asia.<\/p>\n –<\/p>\n Source:\u00a0\u00a0 Access Bank<\/p>\n","protected":false},"excerpt":{"rendered":" Access Bank Plc, parent company of Access Bank Ghana, has successfully raised US$300 million via a Eurobond from the international bond market. The Bank recently assessed the international market to raise the bond with maturity date in October 2021, at a coupon of 10.5%. This makes Access Bank Plc the first Nigerian bank to raise […]<\/p>\n","protected":false},"author":14,"featured_media":141094,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":[],"categories":[121,32],"tags":[],"yoast_head":"\n