Access Holding Plc said its wholly owned subsidiary, Access Bank UK, is well positioned to become one of the top 20 banks in the country, generating profit of about $1 billion yearly, just as the bank urged shareholders to participate actively in its ongoing rights issue.
The bank is embarking on a capital raising of N351 billion by way of a rights issue to existing shareholders. Under the rights issue, 17.772 billion ordinary shares will be offered at N19.75 per share.
At the ‘Facts Behind the Right Issue,’ presented at the exchange yesterday, the Managing Director of Access Bank, Roosevelt Ogbonna said the bank’s presence in this sophisticated market has continued to position it strategically in the areas of facilitating and enhancing cross-border trade across the globe.
According to him, its resolve to provide innovative financial solutions has played a vital role in supporting businesses and investors involved in international trade over the years.
He noted that the bank is currently in its consolidation phase to add value to shareholders’ investment, having invested heavily in new markets, skills and infrastructure, technology over the last 10 years.
“All our earnings are in the UK dollarised. So it means every time there is a devaluation, our UK business continues to grow, so we have created a natural hedge. We did it at the time when the naira dollar was less than 200.
“Going forward, our consolidation with shareholders will be to show what we have built over the years. Our international business is competing with other foreign banks in capitalistion. The institution has indeed delivered in all its commitment from 2002,” he stated.
Managing Director of Access Holdings PLC (Access), Aigboje Aig-Imoukhuede, urged shareholders to participate actively in the ongoing rights Issue.
Imokhuede said the additional capital will enable it to maximise emerging opportunities and deliver long-term value to its shareholders, adding that the bank is committed to strengthening ties with shareholders and enhancing value creation.
He stated, “We did a Rights Issue alone to signal to the world that that pact between us and our shareholders can never be broken. Since 2002 you have stood with us through thick and thin and we ask you to stand with us again and take up your rights.”
