Business
Access Bank signs $162.5 million loan to boost capital
Access Bank Plc, which is in the process of taking over rival Diamond Bank, signed an agreement for a $162.5 million loan to boost its capital and fund lending operations.
Dutch development bank, FMO, is arranging the loan, while financial institutions including Belgian Investment Co. for Developing Countries, Blue Orchard Microfinance Fund, Finnish Fund for Industrial Cooperation Ltd. and Ecumenical Development Cooperative Society U.A. are providing the financing, the Lagos-based company said in a statement.
The funds will qualify as Tier-II capital, which will help the bank fund a five-year expansion plan, it said. The loan will also support local micro-, small-, and medium-sized enterprises in the West African nation.
Access Bank agreed last year to buy Carlyle-backed Diamond Bank in a deal worth about $200 million. It plans to complete the takeover on April 1 after the shareholders of both banks approved the deal last week.
-
Latest1 week agoIsrael marks 3 years since October 7 Hamas attack amid Gaza strikes, election debate
-
Energy7 days agoFuel Battle: Dangote, marketers and government clash over petrol imports
-
Latest2 days agoFull List: Meet the 2026 Nobel Prize winners across six categories
-
Football1 week agoNigeria’s World Cup exit under spotlight as FIFA’s DR Congo files emerge
-
Latest1 week agoUS Court set to rule on release of FBI, DEA records on Tinubu
-
Business1 week agoNigerian investors at a crossroads as fixed-income yields slide
-
Latest1 week agoOyo APC crisis deepens as Oluyole reconciliation meeting ends in brawl
-
Featured6 days ago103 Million Voters: What does INEC’s new register say about Nigeria’s population?