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Access Bank raises GH¢29m from IPO

Access Bank raises GH¢29m from IPO

Access Bank raised GHC29.6 million at the close of the Initial Public Offering (IPO) but expects about GHC96 million from potential investors.

The bank has described the development as successful considering that its initial target was GHC 21 million at the close of the IPO.

The IPO prospectus aims at raising GHC104 million. With the initial funds and that of potential investors, the company is looking at raising about GHC 125 million.

The amount will be invested in two critical operations of the bank; expanding its physical presence nationwide and massive investment into ICT.

This will help it attract more business as it increases its customer base and afford clients stress-free banking services.

“We want to expand our retail business. All investment will be geared towards making banking convenient to our retail customers, making sure that we serve our corporate and commercial client effectively and efficiently; and making banking easy,” the Head of Financial Control, Caleb Osei told Starr Business’ Osei Owusu Amankwah.

He added that the amount that has been raised is enough to sustain the bank’s operation for the next five years and also satisfy the increment of the minimal capital of banks by the central bank set to be announced soon.

The bank currently has over 300,000 customers and hopes the figure will significantly increase in the coming years.

“We will be the preferred bank in terms of the retail market by the end of first quarter next year. We have a few retail products that we will be lunching; apart from the mobile banking app that we have come up with recently, there are few products that we are coming up with next year that will make banking very convenient,” Mr. Osei said.

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