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.
-
News6 days agoUK, Canada pledge closer cooperation on trade, defence and AI
-
Business1 week agoAbuja gears up for Jetour T2’s rugged-luxury experience
-
Business7 days agoTinubu’s economic reforms face public confidence test as cost-of-living crisis persists
-
Business7 days agoDangote: Petrol price gap fuels smuggling as Nigeria faces fresh pump price surge
-
Business4 days agoDangote Refinery IPO: Can small investors really make money from the shares?
-
Comments and Issues5 days agoWavy fuel prices and deepening cost-of-living crises in Nigeria
-
Football5 days agoFULL LIST: Eight stadiums to host 2027 Women’s World Cup in Brazil
-
Business3 days agoJetour takes T1 adventure SUV experience to Abuja, targets growing Nigerian market