Herbert Wigwe

Access Bank Seeks Approval for $500m Debt Sale

Access Bank plans to seek shareholder approval this month to raise up to 100bn naira ($505m) in debt capital via a public offering or a private placement, the bank said on Monday, News 24 reports.

The shareholder meeting on the proposed debt sale has been fixed for April 27.

Access Bank raised 41.7bn naira last year through a rights issue to fund expansion of its branch network and lending. The amount raised was less than the 52.6bn naira targeted, with analysts citing difficult market conditions.

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