Access Bank Ghana has announced that it has met the new minimum capital requirement of GH¢400 million set by the Bank of Ghana (BoG).
The bank now joins the first set of financial institutions to attain the new capital without any hassle.
The announcement comes after the bank completed its Rights Issue, which ended on July 3, 2018.
It said its rights issue was for 75,757,576 new ordinary shares of no par value at GH¢3.96 per share in a ratio of 1 new share for every 1.5588 existing shares held by qualifying shareholders of Access Bank.
In all, a total of 55,854,462 shares were subscribed for, raising a total of GH¢221,183,669.52, representing 73.73% of the Offer Amount.
The offer sought to raise a minimum of GH¢60 million, and up to GH¢300 million, putting the bank’s stated capital in excess of GH¢400 million as the bank converts part of its income surplus into its stated capital.
Commenting on the feat, Ifeanyi Njoku, Managing Director of Access Bank Ghana, indicated that the bank was well positioned to continue pursuing its objectives of supporting key sectors of the Ghanaian economy for growth.
“Our commitment to remain competitive in Ghana is well on course with this boost in our capital and our customers and shareholders can be assured of us building a sustainable business franchise that supports their banking needs.”
In December 2017, shareholders of the bank at an Extraordinary General Meeting (EGM) authorized the bank to raise an additional capital to be implemented through the combination of a bond programme and rights issue.
Access Bank became the first Ghanaian bank of Nigerian heritage to be listed on the Ghana Stock Exchange (GSE) in December 2016.
The bank commenced its operations in 2009 and now has 52 branch locations across the country.
Access Bank is positioned as a catalyst for socio-economic growth and continues to invest heavily in key sectors of the Ghanaian economy, including energy, agriculture and oil & gas.
This has also strengthened its position as a key player in promoting public private partnerships in Ghana.