Access Bank has announced plans to raise about $1billion in fresh capital which they plan to use to finance operations and lend to business. The capital will be raised in foreign or local currency an indication of a debt or/and equity capital. By issuing new equity the bank may soon announce plans for a rights issue or a public offer. The likes of Zenith and Diamond bank also announced similar plans with Zenith Bank having already accessed the debt market. This is what Access Bank MD had to say;
“The most important thing is that should we need more money in the future, in a timely manner, it would be easier to access the market. The business of banking is fundamentally about managing risk and managing risk requires some form of capital. So we are raising this money so that we can basically leverage on it to lend customers.”
