Access Bank Issues Tier II N30bn Local BondTo further strengthen its funding base, Access Bank has successfully issued a Tier IIN30 billion Fixed Rate Subordinated Unsecured Bond.
The bond was oversubscribedwhich further buttresses the confidence investors repose in the Bank.
The Bond has a maturity of 7 years and is callable after 5 years.The Issuing Houses are Chapel Hill Denham Advisory Limited, being the mandatedLead Issuing House and Coronation Merchant Bank Limited and First-Ally CapitalLimited, being the mandated joint Issuing House.Commenting on the Bond, group managing Director/CEO, Herbert Wigwe said, “Weare a Bank with a rigorous and disciplined capital plan and the action taken today is inline with our 5-year strategic plan. This is to ensure a strong capital buffer at all timesand support our low risk appetite. Following the merger, we identified some synergiesand combined with this issue, we are confident of our capacity to attain the next level ofbeing a more efficient Bank.
”Currently, Access Bank is the Number 1 bank in Africa by customer base withintegrated global franchise, strategically developing its presence in key African marketsand 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 tobe Africa’s Gateway to the World.