Access Bank Gets N138 Billion From Parent Company, CBN Gives Approval

Be the first to get hottest news from our Editor-in-Chief SIGN UP THANK YOU! You are already subscribed to our newsletter! Check your inbox to be the first to know the hottest news Home Business and Economy Economy ECONOMY Access Bank Gets N138 Billion From Parent Company, CBN Gives Approval Wednesday, April 05, 2023 at 6:13 PM by Pascal Oparada The Central Bank of Nigeria has given its nod to a $300 million investment into Access Bank by parent company The parent company, Access Holdings, said the investment is to consolidate the bank's presence in Africa A statement from Access Holdings said the investment is a mandatory convertible instrument to improve shareholders' funds PAY ATTENTION: Donate to Legit Charity on Patreon. Your support matters! Access Bank'sBank's parent company, Access Holdings, has injected $300 million, about N138 billion in investment capital. According to reports, Access Holdings stated that the returns would boost the capital needed to expand in Africa. Access Bank receives $300 million investment Source: UGC New investment to boost Bank's African operations The parent company of the tier-1 bank noted that over the years, the bank had made substantial progress towards a strong market presence in critical markets and payment pathways across Africa. PAY ATTENTION: Join Legit.ng Telegram channel! Never miss important updates! RECOMMENDED FOR YOU APC group passes vote of confidence on Lauretta Onochie, rejects suspension Per the statement signed by the firm's Company Secretary, Sunday Ekwochi, the investment is in the form of tier-1 capital which qualifies as a mandatory convertible instrument and is meant to improve the bank'sbank's shareholders' funds, adding that the Central Bank of Nigeria approved the investment. The Group Chief Executive of Access Holdings, Herbert Wigwe, said the company remains focused on its quest for growth on the continent. Wigwe said: "This investment is a capstone initiative following the $500 million additional Tier 1 capital raised by the bank in 2021 and advances its vision to the world'sworld's most respected African bank. Zambia’s Central Bank authorises Access Bank to take over Atlas Mara Bank of Zambia Recall that Legit.ng reported that Access Holdings Plc has announced that Access Bank Zambia Limited, a subsidiary of Access Bank Plc, has received a regulatory nod from the Central Bank of Zambia for acquiring and merging African Banking Corporation (Atlas Mara Zambia). RECOMMENDED FOR YOU "You didn't age at all": Wizkid's 1st baby mama jumps on 10 year challenge... According to a statement on Friday, March 24, 2023, by the bank’s Secretary, Sunday Ekwochi, the development was further to its announcement on October 25, 2021. Punch reports that the Central Bank of Nigeria (CBN) and Common Market for Eastern and Southern Africa Competition Commission earlier granted the bank no objection for the transaction in 2021, the statement said. Source: Legit.ng Be the first to get hottest news from our Editor-in-Chief SIGN UP THANK YOU! Check your email and confirm your subscription You are already subscribed to our newsletter! 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