Access Bank Plc, has announced the signing of a Subordinated Syndicated Loan Agreement worth $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-year non-call five years” subordinated debt instrument, benefitting the bank for five years.
Group Managing Director, Access Bank Plc, Herbert Wigwe, said the facility will enable the bank to continue on its strategic path to be-coming 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.
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. These businesses will be able to continually provide essential products and services thereby achieving sustainable and inclusive growth.