As reported by Bloomberg, this capital increase has elevated Access Bank's share capital to 600 billion naira ($387.4 million), exceeding the minimum capital requirement for international banks in Nigeria by 20%.
The bank has obtained the necessary regulatory approvals from both the Central Bank of Nigeria and the Securities Exchange Commission for this fundraising effort.
The entry into Morocco aligns with Access Bank's ambitious goal to double its international assets by 2027. The bank considers Morocco, with its well-structured banking sector, as a strategic link between Sub-Saharan Africa and Europe, enhancing South-South economic interactions.
This initiative is part of a broader $1.5 billion fundraising strategy aimed at facilitating the bank's expansion not only into Morocco but also into Egypt and the United States.
Access Bank has already shown its dedication to continental growth through recent acquisitions, including the operations of Standard Chartered Bank in Angola and Sierra Leone.
Additionally, the bank is awaiting approval from the Central Bank of Kenya for its proposed acquisition of Kenya Commercial Bank’s stake in the National Bank of Kenya, with the transaction expected to finalize by March 2025.
Currently, Access Bank has a substantial presence across Africa and beyond, operating in 24 markets across three continents, with over 700 branches and service points, catering to around 60 million customers.
The bank's shares have performed robustly, increasing by 6.7% in Lagos this year, following a more than twofold rise in value in 2023.
In a recent update, Access Bank has also reached an agreement to acquire Bidvest Bank Holdings Ltd. for approximately 2.8 billion rand ($159 million) to enhance its footprint in South Africa.