Access Bank Crosses boundaries, breaks into the North African market
Nigeria's largest commercial bank, Access Bank, is about to enter the North African financial market after raising $228,000,000 Million through rights issuance
Access Bank, the largest commercial bank in Nigeria in regards to assets, has announced the creation of a new branch in Morocco; this comes as part of the bank’s continental expansion strategy. The move comes after Access Bank successfully made $228,000,000 through the issue of rights of about 17.8 million ordinary shares.
This singular capital raise has positioned the bank’s share capital at $387.4 million (i.e., about N600,000,000,000), which is exactly 20% above the minimum capital required for international banks operating in Nigeria.
The bank had secured regulatory approvals from the Central Bank of Nigeria and also the Securities Exchange Commission for the fundraising.
This expansion into the North African paths is part of Access Bank’s strategy to double its international assets by the year 2027.
According to the bank, it views Morocco as a strategic gateway between Sub-Saharan Africa and Europe, considering the country’s structured banking sector, positioning it as a key platform for strengthening South-to-South economic exchanges.
The bank has demonstrated its commitment towards continental expansion as it has made a certain number of acquisitions recently; this includes the operation of Standard Chartered Bank in both Angola and Sierra Leone, amongst others.
Access Bank currently makes out a significantly dominant presence across Africa and beyond, as it currently operates in about 24 markets in 3 continents, with over 700 branches and service points. The bank also currently boasts of approximately 60 million customers globally.
