Access Bank Plc, Nigeria’s largest lender by assets, has successfully raised 351 billion naira ($228 million) through a rights offer designed to surpass a new regulatory capital requirement as part of its growth strategy.
The bank’s share capital has risen to 600 billion naira, exceeding the minimum threshold for international banks operating in West Africa by 20%, as stated in an emailed announcement from Access Bank on Wednesday.
Read: Nigeria’s Access Bank aims to enter ranks of biggest in Africa
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This capital influx has received approval from both the Central Bank of Nigeria and the Securities Exchange Commission, according to the bank’s statement.
The capital increase will allow Access Bank, under the management of Access Holdings Plc, to expedite its expansion into new markets, including Morocco, Egypt, and the United States, with ambitions to double the share of its assets located outside Nigeria by 2027.
The rights offering is part of Access Bank’s larger plan to secure $1.5 billion to meet regulatory requirements after the central bank instructed major commercial banks to raise their capital tenfold to 500 billion naira by March 2026.
The bank currently operates in 23 countries following an aggressive expansion into new markets.
Access Bank’s shares have increased by 6.7% in Lagos this year, building on a more than twofold rise in 2023. Earlier this month, the bank announced plans to acquire Bidvest Bank Holdings for around R2.8 billion ($159 million) to enhance its presence in South Africa.
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