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Access Bank Signs $93.8m Syndicated Loan

Tochukwu Egesi
Tochukwu Egesi

Access Bank Plc, has announced the signing of a Subordinated Syndicated Loan Agreement worth $93.8 million with the Dutch development bank, FMO; the French private sector development bank, Proparco; and leading investment firm, Symbiotics.

The tier-II capital facility was structured as a "10-year non-call five years" subordinated debt instrument, benefitting the bank for five years.

Image Credit: Stock Image

Group Managing Director, Access Bank Plc,  Herbert Wigwe, said the facility will enable the bank to continue on its strategic path to be-coming Africa's gateway to the world even after the unexpected simultaneous surfacing of the two 'Black Swans' in 2020: COVID-19 and the international oil crisis.

"Transaction is evidence of Access Bank's commitment to facilitating economic growth and development in Nigeria and Africa as well as creating business opportunities for all stakeholders including women, across its entire value chain. We are truly inspired and we remain committed to our goal of being Africa's gateway to the world," Wigwe said.

Reiterating Wigwe's statement, Linda Broekhuizen, Chief Investment Officer FMO said: "Once a very small player in the Nigerian financial services sector, Access Bank has become the largest bank in Nigeria with a wide array of financial services, including some very exciting gender finance work.

"We have been proud to support the team at Access Bank all those years, during good times and more challenging ones, like today. We are grateful for the opportunity to support our partners at Access Bank again, helping them weather the impacts of COVID-19 and the international oil crisis".

For its unwavering drive to promote women economic empowerment, the bank was recently named among qualifiers for the 2X Challenge. The 2X eligibility criteria were based on efforts put towards employment, leadership and consumption.

Daniel Schriber, Head of Investments at Symbiotics said:

"We are delighted to partner with Access Bank in a crucial time when support to micro, small and medium enterprises is critical to maintain jobs and strengthen livelihoods in Nigeria".
Financial inclusion

Tochukwu Egesi

Financial Services Strategy & Digital Economy Specialist (Scribing in Personal Capacity)