Access Bank issues Tier II Subordinated Unsecured N30bn local bond
Access Bank has successfully issued a Tier II N30 billion Fixed Rate Subordinated Unsecured Bond. 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
mandated Lead Issuing House and Coronation Merchant Bank Limited and
First-Ally Capital Limited, being the mandated joint Issuing House.
Commenting
on the Bond, group managing Director/CEO, Herbert Wigwe said, “We are a
bank with a rigorous and disciplined capital plan and the action taken
today is in line with our 5-year strategic plan. This is to ensure a
strong capital buffer at all times and support our low risk appetite.
Following the merger, we identified some synergies and combined with
this issue, we are confident of our capacity to attain the next level of
being a more efficient Bank.”
Access Bank has an
integrated global franchise, strategically developing its presence in
key African markets and 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.
