Access Bank Obtains $162.5m Syndicated Loan

Nigerian multinational commercial bank, Access Bank Plc has obtained a $162.5 million subordinated syndicated loan agreement – a facility that qualifies as tier-II capital, that will enable the bank to execute its five-year plan of becoming Africa’s gateway to the world.

In a statement from Access Bank on Monday, the facility was arranged by FMO, a Dutch development bank and was provided in conjunction with Blue Orchard Microfinance Fund, CDC Group Plc, BIO (Belgian Investment Company for Developing Countries SA/NV), Finnfund (Finnish Fund for Industrial Cooperation Ltd), DEG (Deutsche Investitions – und Entwicklungsgesellschaft mbH), the European Financing Partners S.A, funded by the European Investment Bank, which acted on behalf of the European Community and Norfund (Norwegian Investment Fund for Developing Countries) and Oikocredit (Ecumenical Development Cooperative Society U.A.).

“Part of that strategy is also to deepen the footprint in the retail segment as well as increasingly support local Micro, small and medium-sized enterprises, thereby supporting job creation in the Nigerian economy,” the statement read.

Speaking on the deal, the Group Managing Director/Chief Executive Officer at Access Bank, Herbert Wigwe said: “We are pleased to have worked with a world-class group of 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-sized enterprises as many have been held back due to a lack of access to finance.

“We believe this relationship will be the beginning of many more international partnerships with such entities.”

Also, the Chief Investment Officer at FMO, Linda Broekhuizen 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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