Foreign investors oversubscribes Access Bank’s N30bn Tier II local Bond by N13.6bn

0
434

Access Bank has successfully issued a Tier II N30 billion Fixed Rate Subordinated Unsecured Bond as part of efforts to further strengthen its funding base.

The bank stated that the bond was oversubscribed which further buttresses the confidence investors repose in the bank. The Bond has a maturity of seven years and is callable after five years.

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 and chief executive 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 five-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 one of the biggest banks 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.

SHARE
Previous articleNigeria extends cheap credit to local milk producers after FX ban
Next articleUnion Bank declares N12.1bn profit before tax in H1 2019
Godwin Okafor is a Financial Journalist, Internet Social Entrepreneur and Founder of Naija247news Media Limited. He has over 16 years experience in financial journalism. His experience cuts across traditional and digital media. He started his journalism career at Business Day, Nigeria and founded Naija247news Media in 2010. Godwin holds a Bachelors degree in Industrial Relations and Personnel Management from the Lagos State University, Ojo, Lagos. He is an alumni of Lagos Business School and a Fellow of the University of Pennsylvania (Wharton Seminar for Business Journalists). Over the years, he has won a number of journalism awards. Godwin is the chairman of Emmerich Resources Limited, the publisher of Naija247news.

LEAVE A REPLY

Please enter your comment!
Please enter your name here

This site uses Akismet to reduce spam. Learn how your comment data is processed.