Access Bank on January 26 opened its N52.6 billion ($275.10 million) rights issue at N6.90 per share and will sell 7.63 billion ordinary shares of 50 kobo each at a ratio of one new share for every three held by existing shareholders.

The Africa’s top tier lender said the capital raising falls in line with its five-year corporate strategy plan to be one of the top three banks in the country and the “world’s most respected African bank”.

 “This will be anchored on four critical pillars – capital, human capital, governance and risk management. It will also enable the Bank to be more competitive and meet the funding needs of its blue chip customers that meet its credit risk criteria,” the bank added.