March 23, (THEWILL) – Nigeria’s largest financial bank by assets, Access Bank, is planning to raise up to N194 billion from Series 3 & 4 Commercial Papers (CPs) issuance. The CPs issuance is under its N400 billion Commercial Paper programme.
The CPs issuance which opened on March 20 closes on Tuesday March 25, while allotment and settlement dates are on Wednesday March 26 and Thursday 27.
Access Bank, a wholly owned subsidiary of Access Holdings Plc, is a leading full-service commercial bank operating through a network of more than 700 branches and service outlets spanning 3 continents, 24 countries and over 60 million customers.
The bank employs over 28,000 people in its operations across Africa, the United Kingdom, and Europe with recent expansion into key financial hubs – Malta, France, Mauritius and Hong Kong – as well as notable representative offices in China, India, UAE and others.
Access Bank is rated Aa by Agusto & Co. and AA by GCR reflective of its position as the largest bank in Nigeria and growing market share in Africa.
Also underpinning the strong ratings is the well capitalised fortress balance sheet, asset quality, strong profitability profiles, and the Bank’s proven and stable management team.
The bank is a diversified financial institution which combines a strong retail customer franchise and digital platform with deep corporate banking expertise, proven risk management and capital management capabilities. The Bank services its various markets through three key business segments: Corporate and Investment Banking, Commercial Banking, and Retail Banking.
The bank has enjoyed what is arguably Africa’s most successful banking growth trajectory in the last 20 years, becoming one of the continent’s largest retail banks.
As of Q3 2024, Access Bank posted total assets of N40.6 trillion, of which N11.9 trillion were in loans and advances to customers, N22.3 trillion in customer deposits, N3.5 trillion in shareholders’ funds, and a capital adequacy ratio of 20.42percent. During the period, the Group achieved N3.4 trillion in gross earnings, delivering 22.1percent ROE.
Access Bank is the first Nigerian bank to meet the CBN’s N500 billion minimum capital requirement for banks with international authorisation, well ahead of the 2026 deadline. The bank’s share capital exceeds N600 billion, surpassing the regulatory requirement by N100 billion.
Access Bank last December disclosed that it had entered into a binding agreement with South African-based Bidvest Group Limited for the acquisition of a 100% equity stake in Bidvest Bank Limited.
This agreement, it said, reflects the Bank’s commitment to strengthening its footprint in South Africa and consolidating on its position as the continent’s gateway to global markets as it seeks to optimise the benefits of recent acquisitions and accelerate its transition towards a greater focus on efficiencies.
Founded in 2000, Bidvest Bank is a niche and profitable South African financial institution providing a diverse range of services, including corporate and business banking solutions and diverse retail banking products. As of its financial year ended June 2024, Bidvest Bank reported total assets equivalent to USD665.0 million and audited profit before tax of USD20.0 million.
The acquisition is expected to close in the second half of 2025, subject to regulatory approvals. Upon conclusion of this acquisition, Bidvest Bank will be merged with the Bank’s existing South African subsidiary to create an enlarged platform to anchor the regional growth strategy for the SADC region.
Sam Diala is a Bloomberg Certified Financial Journalist with over a decade of experience in reporting Business and Economy. He is Business Editor at THEWILL Newspaper, and believes that work, not wishes, creates wealth.
