Business Hilights
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Access Bank a Bank with a rigorous, disciplined capital plan—Wigwe

The Group Managing Director/CEO of Africa’s largest bank, Access Bank Plc, Herbert Wigwe, has revealed that his institution remains a Bank with a rigorous and disciplined capital plan.

In his remarks on the successful outing of the bank on issuing a Tier II N30 billion fixed rate subordinated unsecured bond, he added that “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.”

Business Hilights gathered that Access Bank issued the Tier II N30bn Local Bond as part of drive to deepen its funding base

Analysts say the resultant oversubscription of the local bond has further buttressed the confidence investors reposed in it.

The bond has a maturity of seven years and is callable after five years. The Issuing Houses were Chapel Hill Denham Advisory Limited, as the mandated Lead Issuing House and Coronation Merchant Bank Limited and First-Ally Capital Limited, being the mandated joint Issuing House.