🇳🇬📈 Nigeria's Access Bank raises $228 million through rights issue of shares, becoming first bank to exceed new capital requirements
Access Holdings secured regulatory approvals for its recently completed rights issue of more than 17.7 billion ordinary shares, raising the target amount of 351 billion naira ($228 million), the company said in a statement.
"This development has positioned the company's flagship subsidiary Access Bank as the first bank to meet the Central Bank of Nigeria's 500 billion naira [around $324] minimum capital requirements for Banks with international authorization [set in March 2024] well ahead of the March 2026 regulatory deadline," the statemen read.
With the success, the bank's share capital would increase to $389 billion, $64 billion above the regulatory minimum requirement, the company added.
The successful, fully digital rights issue highlights Access Holdings' commitment to innovation and improved shareholder access to the equity capital market, according to the company's chairman Aigboje AigImoukhuede.
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Access Holdings secured regulatory approvals for its recently completed rights issue of more than 17.7 billion ordinary shares, raising the target amount of 351 billion naira ($228 million), the company said in a statement.
"This development has positioned the company's flagship subsidiary Access Bank as the first bank to meet the Central Bank of Nigeria's 500 billion naira [around $324] minimum capital requirements for Banks with international authorization [set in March 2024] well ahead of the March 2026 regulatory deadline," the statemen read.
With the success, the bank's share capital would increase to $389 billion, $64 billion above the regulatory minimum requirement, the company added.
The successful, fully digital rights issue highlights Access Holdings' commitment to innovation and improved shareholder access to the equity capital market, according to the company's chairman Aigboje AigImoukhuede.
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