New Telegraph

Access Bank signs $93.8m loan with Dutch bank

Access Bank Plc. has signed subordinated syndicated loan agreement totalling $93.8 million with the Dutch development bank (FMO), the French private sector development bank (Proparco), and leading investment firm, Symbiotics.

 

The tier-II capital facility was structured as a “10 years noncall five years” subordinated debt instrument, benefitting the bank for a period of five years.

 

Access Bank’s Group Managing Director, Herbert Wigwe, said the facility would enable the bank continue on its strategic path to becoming Africa’s gateway to the world even after the unexpected simultaneous surfacing of the two ‘Black Swans’ in 2020: COVID-19 and the international oil crisis.

 

“This deal is in line with our strategy to deepen Access Bank’s footprint in the retail segment as well as increasingly  support local Micro, Small, and Medium-size Enterprises, thereby supporting job creation in the Nigerian economy” he said.

 

He added that “the need to boost capital is extremely important today in the context of the negative socio-economic impact of COVID-19, hence, the $93.8 million Tier-II capital eligible loan will help us continue to sustainably support businesses that need finance.”

 

With the new facility, Wigwe said the bank would be able to continually provide essential products and services thereby achieving sustainable and inclusive growth.

 

“The transaction is evidence of Access Bank’s commitment to facilitating economic growth and development in Nigeria and Africa as well as creating business opportunities for all stakeholders including women, across its entire value chain.

 

We are truly inspired and we remain committed to our goal of being Africa’s gateway to the world,” Wigwe concluded

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