Access Bank Raises N41.71bn for Expansion, Lending

Access Bank has raised N41.71 billion ($210 million) through a rights issue meant for expansion of branches as well as lending, a document showed on Tuesday, but fell short of its target.
In a document, the lender said the rights issue was 79.3 per cent subscribed by shareholders and below its target of N52.6 billion.
The bank had offered 7.62 billion shares at N6.90 per share to its existing shareholders at one for three shares in a rights issue in January.
Access bank had previously said it plans to increase lending to the small business sector and retail segment of Nigeria’s economy from the proceeds of the rights issue.

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