Access Bank raises $300m through Eurobond
The funds will finance exporters' needs.Nigerian financial institution Access Bank has successfully raised $300 million on the international bond market.
The Chief Executive of the bank, Herbert Wigwe, said in a press release that the bond will be allocated to "remove space working capital, lending to investment-grade names, including Nigerian companies seeking to expand their exports".
"It also ensures that we keep our promise of speed, service and security to our customers, as we target Africa's fastest-growing industrial sectors," he added.
Access Bank has a network of around 370 branches across Nigeria, sub-Saharan Africa and the Middle East.
According to a study by the Oxford Group, Nigerian banks are increasingly tapping into capital markets to meet higher capital adequacy ratios requirements set out under the Basel II framework.
They are required to have a 10 per cent capital adequacy ratio, with this rising to 15 percent for those that have an international presence.