Tuesday, March 12, 2019
05:59PM / NSE
Access Bank Plc (‘the Bank’) is pleased to announce that it has entered into a Subordinated Syndicated Loan Agreement totaling USD 162.5 million (‘the Facility’). FMO (the Dutch Development Finance Institution) acted as the Mandated Lead Arranger and will be the Facility Agent. The subscribers to the Facility are leading Development Finance Institutions including BIO (Belgian Investment Company for Developing Countries SA/NV), CDC Group Plc, DEG (Deutsche Investitions- und Entwicklungsgesellschaft mbH), Finnfund (Finnish Fund for Industrial Cooperation Ltd) and European Financing Partners S.A and Norfund (Norwegian Investment Fund for Developing Countries).
The Facility qualifies as a Tier-Il capital, which will enable the Bank roll out its 5-year strategy of becoming Africa’s Gateway to the World. Part of that strategy is also to deepen the 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.
Commenting on this transaction, Herbert Wigwe, the Bank’s Group Managing Director/CEO said:
“We are pleased to have worked with a group of world-class lenders on this transaction. The deal further reinforces the fact that our institution remains globally respected and reputable. The syndicated facility is geared towards supporting the Bank’s efforts to promote the growth and job creation potential of the private sector through improved access to financing. Additionally, specific attention will also be paid to strengthening Micro, Small and Medium-size enterprises that have been constrained by lack of access to finance.
We believe this relationship will be the beginning of many more international partnerships with such entities.”
Linda Broekhuizen, Chief Investment Officer at FMO said:
“FMO is proud to be the Mandated Lead Arranger for this landmark transaction. Through this transaction, FMO strengthens its long-standing relationship and commitment to our well-reputed client- Access Bank. All lenders are pleased to be significant contributors to fostering the Nigerian economy and supporting job creation.”
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