[ 2017-10-05 ]

Access bank secures additional investment for its operations
Access Bank Plc, the majority shareholder of
Access Bank Ghana, which is ranked as one of the
top 3 banks in Nigeria and amongst the top 20
banks in Africa by assets and capital, has
announced its intention to inject additional
capital into the Bank’s operations in Ghana
before end of Q1 in 2018 after all regulatory
requirements are fulfilled.

The Tier 1 capital forms part of the Bank’s
recapitalization exercise, which began last year
with the Bank selling its shares through an IPO
and subsequently being listed on the Ghana Stock
Exchange as the first Ghanaian Bank with Nigerian
heritage.

While this move will enable Access Bank Ghana meet
the new capital requirement of GHS 400 million set
by the Bank of Ghana, the new capital is also
expected to enhance the capacity of Access Bank
Ghana to undertake large ticket transactions in
key sectors of the economy.

Group Managing Director/CEO of Access Bank Plc,
Mr. Herbert Wigwe, noted that Ghana is an
important market within the Access Bank Group and
its impressive performance over the past eight (8)
years provides the basis for further investments
to boost its growth aspirations.

He said: “Our new investment into Access Bank
Ghana signals the confidence and trust we have in
the Ghanaian economy as a safe, peaceful and
thriving place to do business.  In pursuing the
Bank’s vision of building the World’s Most
Respected African Bank, we are making strategic
decisions in the various markets we operate to
position our banking franchise favorably in the
market to support the development agenda of the
economies”.

Welcoming the news, the Managing Director of
Access Bank Ghana, Mr. Dolapo Ogundimu noted that
the new capital would strengthen the capital base
of the Bank and enable it to take advantage of new
business opportunities in the operating
environment.

“The Bank of Ghana had long stated its plan to
increase the minimum capital requirement for banks
in Ghana so we have always had this under our
radar as it was also consistent with our strategy
to build a sustainable bank”.

He further assured customers and other
stakeholders of the Bank’s well cushioned
liquidity and capital base to drive its business
strategy in the coming years.

The news of additional investment by Access Bank
Plc demonstrates the long standing partnership
between Access Bank Ghana and its majority
shareholder. When launching its operations in
2009, Access Bank Ghana was quoted as one of the
most capitalized banks in the country and intends
to keep this reputation as it drives its strategy
to become one of the top tier banks in Ghana.

Source - citibsinessnews.com

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