Access Bank Plc, the largest lender in Nigeria by assets, has raised 351 billion naira (approximately $228 million) through a rights offering to enhance its capital above a new regulatory threshold as part of its expansion strategy.
In an emailed statement on Wednesday, Access Bank announced that its share capital has now reached 600 billion naira, which is 20% above the minimum required for international banks operating in Nigeria. This new capital has received regulatory approval from both the Central Bank of Nigeria and the Securities and Exchange Commission.
The funds raised will enable Access Bank, which is controlled by Access Holdings Plc, to accelerate its expansion into new markets, including Morocco, Egypt, and the United States, with a goal of doubling its share of assets outside Nigeria by 2027. This rights offering is part of Access Bank’s broader plan to raise $1.5 billion to comply with new regulatory requirements after the central bank instructed large commercial lenders to increase their capital tenfold to 500 billion naira by March 2026.
Access Bank currently operates in 23 countries, following an aggressive growth strategy into new markets. The bank’s shares have risen by 6.7% in Lagos this year, having more than doubled in 2023. Earlier this month, Access Bank also announced an agreement to acquire Bidvest Bank Holdings Ltd. for approximately 2.8 billion rand (around $159 million) to further facilitate its expansion into South Africa.
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