Access Holdings Plc, owned by Herbert Wigwe, has invested $7 million in its subsidiary, Access Bank Kenya Plc. This is a strategic move to strengthen its position in the Kenyan banking market.
The capital injection comes shortly after the Lagos-based financial services business run by the Nigerian banker concluded an agreement to acquire Standard Chartered Bank’s Sub-Saharan African divisions.
The $7 million capital injection will increase Access Bank Kenya’s financial reserves while also improving shareholder funds and capital ratios.
It will also meet the unit’s immediate capital needs while strategically positioning the bank to meet its growth ambitions in the Kenyan market.
Wigwe, Access Holdings’ Group CEO and a key figure in Nigeria’s banking sector, responded to the news, saying, “As a leading financial institution on the continent, we remain forward-thinking in our approach to growth and capitalization.”
Furthermore, the $7 million investment will augment Access Bank Kenya’s capital requirement, since the bank had received $7.65 million from the Central Bank of Kenya to meet statutory capital mandates.
Access Holdings now has operations in 12 African nations. The business, which has a considerable market value on the Nigerian Exchange, is working to expand its European footprint. This comes as the company prepares to consolidate current operations in London and launch a new branch in France.
Wigwe, who owns 9.09 percent of the company, or 3,230,789,014 ordinary shares, has been instrumental in its growth.
Earlier this year, Access Holdings announced a $300 million capital investment to its flagship affiliate, Access Bank, under his supervision.
This $7 million capital injection is part of Access Holdings’ larger strategic commitment to expand the bank’s presence across Africa.
