Access Bank Sells N30b Bond

• Access Bank Sells N30b Bond

Access Bank sold a Tier II N30 billion bond to up its financial position and strengthen operations.

In the statement released by the bank, the bank said its offering was oversubscribed, adding that it shows investors confidence in the bank. The Bond has a maturity period of seven years and is callable after five 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 and chief executive of the bank, Herbert Wigwe said, “We are a bank with a rigorous and disciplined capital plan and the action taken today is in line with our five-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.”