Access Holdings to Raise N40bn in Foreign Currency Amid CBN's Recapitalization Deadline

Access Holdings, a subsidiary of Access Bank, is set to raise N40 billion in foreign currency through a private placement to meet the CBN's recapitalization requirements. The move follows approval sought during the company's recent EGM.

The plan involves issuing 2 billion new shares at a price of N20.25 per share. This initiative is part of Access Bank's strategy to increase its capital base and expand into new markets.

Additionally, Access Bank recently acquired a controlling stake in Afrasia Bank, further strengthening its position in the banking sector.