Access Bank Ghana, a subsidiary of Access Bank of Nigeria Plc, launched an initial public share offer on Monday aimed at raising at least 104 million cedis ($26m).
The bank told Reuters that it would also cut its stake to 78 per cent from 100 per cent in the flotation, aimed at enabling Access Bank Ghana to become self-funding.
The launch is in line with a broader drive by subsidiaries of Nigerian banks to seek fresh sources of funding, given the weakness of the economy due to low oil prices.
“We are seeking to expand our operations by making new investments in branch expansion, robust technology and other infrastructure,” Access Bank Ghana’s Managing Director, Dolapo Ogundimu, said in a statement on Monday.
The offer follows approval from Ghana’s Securities and Exchange Commission and the Ghana Stock Exchange, with the offer open from Wednesday until November 11, the bank said in the statement.
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