ACCESS BANK: Attracting more foreign investors.
August 23rd, 2006 Ogbuotobo Chuks || chuks@stockmarketnigeria.com
Ogbuotobo Chuks
Barely a year into the post – consolidation era, more and more financial instructions in Nigeria are being recognized and patronized by foreign investors, both individually and as a group. This is one of the major hinges on which the bank reforms was based on-partnership and patronage by international institutions and development agencies.
Access Bank Plc, one of the leading banks to have emerged is presently being sought after by more and more foreign partners and they want to have a fair share of the emerging economy of Nigeria. Some of these institutions include the International Finance Corporation
(“IFC’’), Belgian Investment Company for Developing Countries (“BIO’’), African Development Bank (“ADB’’) European Investment Bank (“EIB’’) and many others.
In September 2005, the Netherlands Development Finance Company (“FMO’’) invested $15 million in Access bank as equity investment. In march 2006, IFC provided a convertible loan of $15milion to the bank to be utilized for Access Bank /IFC Gender Entrepreneurship Market Program. This investment is the first of its kind by IFC in Nigeria. It is believed that over the next six months investments by these foreing prospects would raise to a minimum of about $150 million.
With respect to the management of Nigerians foreign reserve, the bank has entered a partnership with ABN Amro and FMO. The share of the bank currently sells for N2.94. The highest so far for this year stands at N3.01 with a low of N1.11.
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