Shareholders of Access Bank Plc monday unanimously approved the proposal by the bank to raise fresh capital of N68 billion through rights issue.
The shareholders at the bank’s Extraordinary General Meeting held in Lagos on Monday also approved that the authorised share capital of the bank be increased from N3 billion made up of 24 billion ordinary shares of 50 kobo each and two billion preference shares of 50 kobo each to N20 billion by the creation of 14 billion ordinary shares of 50 kobo each.
Chairman of the bank, Mr. Gbenga Oyebode, said in his remarks, that in furtherance of the bank’s objectives of ranking as one of the top three banks in its chosen market, management has identified certain sectors and market segments as growth opportunities for the next five years.
He said that the enhancement of the bank’s Tier-1 (equity) capital base is critical to the realisation of its objectives, especially as it concerns supporting growth over the next five years, .
He said, “The additional capital will enable us to leverage our enlarged balance sheet and optimise returns in a sustainable and risk controlled manner. By approving the rights issue shareholders would be supporting the bank to further consolidate its position as a Tier-1 bank well positioned to achieve its strategic leadership position.”
Oyebode said the proceeds from the offer would be used to upgrade the banks information technology platforms to enable it provide better services, upgrade the banks’ branch network and improve its distribution channel infrastructure to enable it provide better and more efficient services to clients and augment its working capital and support risk growth in identified sectors.
The Managing Director, Access Bank, Mr. Herbert Wigwe, while speaking on the occasion, assured the shareholders that the bank would always ensure that their interests remained foremost in its activities.
“You have been with us since 2002 and in all our engagements, we have never failed you. Today will be no different,” he said
