Nigeria’s biggest lender Access Bank Plc has pumped KSh1 billion ($7.5 million) into its Kenyan subsidiary Access Bank Kenya.
“As a leading financial institution in the continent, we remain foresighted in our approach to our growth and capitalization needs,” noted Access Holdings Group CEO Herbert Wigwe.
“This investment is a capstone initiative following the KSh71.2 billion ($500 million) additional Tier 1 capital raised by the Bank in 2021 and advances its vision to be the World’s Most Respected African Bank.”
The funding is expected to supplement Access Bank (Kenya) Plc’s capital needs and improve the bank’s shareholder funds and capital ratios.
Access Bank entered the Kenyan market through the acquisition of Transnational Bank Plc in 2020.
The acquisition involved a KSh1.4 Billion payout which was described as ‘a gateway in East Africa’.
