Business News of Monday, 6 August 2012
Access Bank’s Eurobond offering of US$350million Senior Notes due 2017 was oversubscribed by US$150million, underscoring the credit rating of the Access Bank brand in the international financial market.
The offering, which was launched with a road-show in Europe and the USA to raise the sum of US$350million, received commitments from a diverse group of leading global institutional investors for approximately US$500million. The commitments were scaled down to reflect the US$350million that the Bank sought to raise.
Goldman Sachs International and Citigroup advised Access Bank on the transaction and acted as Joint Book-runners for the Eurobond. Settlements in respect to the offer were done and the notes admitted to trading on the London Stock Exchange.
Proceeds from the offer will be applied towards supporting the business of Access Bank’s foreign currency earning customers, particularly in the oil and gas and power sectors. It will also help in stabilising and strengthening Access Bank’s foreign currency book.
In a related development, Access Bank (Ghana) Limited, the second-largest banking subsidiary of the Access Bank Group, has posted impressive results in its half-year results, signifying growing customer confidence in Ghana.
Speaking in an interview on the half-year performance of the Bank to date, the Managing Director, Mr. Dolapo Ogundimu, said he was satisfied with the Banks Profit Before Tax result of GH¢27million, despite the foreign exchange, integration and post-merger challenges.
He expressed optimism that issues with the Bank of Ghana will soon be resolved, also noting that the Bank has already taken steps to ensure tighter controls and at the same time improve the quality of services to its customers.
He expressed appreciation to the bank’s customers and other stakeholders who have continued to encourage management to be upright and transparent in dealings with all counter-parties.
Mr Ogundimu said Access Bank will re-emphasise training in the Bank’s core values, service delivery and in anti-money laundering.
Access Bank (Ghana) Limited is ranked amongst the top-seven in the banking industry and provides universal banking services to over 175,000 customers from over 39 office locations and 43 ATMs.
Currently, the Bank is leveraging its geographical network to showcase its expertise in Trade Finance, Cash Management and Technology-driven banking solutions. Access Bank is also leading the way with investments in key sectors of the economy including telecommunications, oil and gas, manufacturing and agriculture.