By IBRAHIM BRIGHT
Access Bank had signed a $162.5 million subordinated syndicated loan, which it will use to beef up its operations in the country.
In a release sent to the Nigerian Stock Exchange (NSE), the bank disclosed that FMO, a Dutch development bank arranged the loan facility.
The loan was put together by FMO, Dutch Development Finance Institute, which acted as the Mandated Lead Arranger, supported by Belgian Investment Company for Developing Countries, BIO, CDC Group Plc, DEG, Finnfund, etc.
“The deal further reinforces the fact that our institution remains a globally respected and
reputable. The syndicated facility is geared towards supporting the bank’s efforts to promote the growth and job creation potential of the private sector
through improved access to financing. Additionally, specific attention will also be paid to strengthening Micro, Small and Medium-size enterprises that have constrained by lack of access to finance,” Herbert Wigwe, Group Managing Director, Access Bank.
The bank recently obtained shareholders’ approval to take over Diamond Bank in a $235 million deal that would midwife Africa’s largest bank by customers.
The commercial bank said in a statement that the facility will enable it to implement its 5-year strategy focused on improving its retail banking offering, while creating jobs in the Nigerian economy.
The facility was arranged by Dutch development bank FMO, along with other foreign financiers including the Belgian Investment Company for Developing Countries and Britain’s CDC Group.