The bond matures in October 2021 and it is at a coupon rate of 10.5 per cent.

This makes Access Bank Plc the first Nigerian bank to raise bond from the international market this year despite the country’s macro-economic headwinds.

A release from the bank said “The successful outcome of the bond also demonstrates the strength,resilience and international endorsement of Access Bank Plc.”

It said besides, industry analysts perceived the development as a show of support to attract foreign exchange into the country. The bank currently has two series of Eurobonds in issue - the US$350 million maturing in July 2017 at a coupon of 7.25 per cent and the US$400 million (9.25 per cent), June 2021 maturity date as part of a US$1 billion global medium term note programme.

Commenting on the development, the Group Managing Director/CEO of Access Bank, Mr Herbert Wigwe,  said “the bond will be for working capital, for lending to investment-grade names, including Nigerian companies seeking to expand their exports.”

He emphasised that the process signifies a significant moment on the Bank’s journey to entrench itself as one of Nigeria’s top three banks by 2017. “It also ensures that we keep our promise of speed, service and security to our customers as we target Africa’s fastest-growing industrial sectors,” he added.

Access Bank is now one of the top three banks in Nigeria and ranked among the top 500 global banks according to a 2015 report by The Banker magazine and is aiming to be Africa’s top bank. In 2016, Access Bank was adjudged winner for Best Branch Automation Project, Asian Banker Awards; 2016 Karlsruhe Outstanding Business Sustainability Award; 2016 Euromoney Africa’s Best Bank Transformation Award and the EMEA Finance ‘Best Bank of the Year’ and CEO of the Year.

Its subsidiary Access Bank Ghana, is recognised as one of the fastest growing banks in the Ghanaian banking industry having recorded a positive growth trajectory and consistent financial performance across key indicators over the past seven years.

The bank recently received approvals from the Securities and Exchange Commission (SEC) and the Ghana Stock Exchange (GSE) to undertake an Initial Public Offering to support its growth and expansion strategies.

The move comes after calls by SEC for multinationals to list on the domestic bourse and improve Ghana’s capital market. The offer which began on Wednesday October 19 is set to open until November 11, 2016.

The bank plans to list 136.6 million shares on the Ghana Stock Exchange on November 30 with a share price of 4 cedis per share.