Bloomberg/George Osodi

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Nigeria's Access Bank signs $162.5 million loan to boost capital

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The funds will qualify as Tier-II capital, which will help the bank fund a five-year expansion plan.

Tuesday 12, March 2019

(Bloomberg) --Access Bank, which is in the process of taking over rival Diamond Bank, has signed an agreement for a $162.5 million loan to boost its capital and fund lending operations.

In a statement, the lender stated that Dutch Development Bank, FMO, is arranging the loan, while financial institutions including Belgian Investment Company for Developing Countries, Blue Orchard Microfinance Fund as well as Finnish Fund for Industrial Cooperation Limited and Ecumenical Development Cooperative Society are providing the financing.

Additionally, the loan will also support local micro as well as SMEs in the West African nation.

Access Bank agreed last year to buy Carlyle-backed Diamond Bank in a deal worth about $200 million and plans to complete the takeover on 1 April after the shareholders of both banks approved the deal last week.

TAGS : Access Bank, Diamond Bank, Carlyle, Dutch Development Bank, FMO, Belgian Investment Company for Developing Countries, Blue Orchard Microfinance Fund

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