Access Bank’s decision to list on the Ghana Stock Exchange through the issuance of Initial Public Offer (IPO) has thrown a challenge to other industry players.
The Bank which is on record as the first Nigerian Bank operating in Ghana the third Multinational Bank in the country to list on the GSE is very hopeful of a successful listing.
Access Bank’s issuance of an IPO at a coupon rate of Ghc 4 per share was to raise enough capital to drive help its expansion and growth mission.
It is also partly in fulfillment of the Securities and Exchange Commission (SEC) invitation to multinationals companies to list on the domestic market and helps improve Ghana’s capital market.
Stock watchers say Access bank’s listing will serve as a motivation for other commercial banks operating in the country to list on the Ghana Stock Exchange as required by the Central Bank for all commercial banks.
Access Bank has targeted to raise a total of GH¢104 million to advance its growth and expansion strategies.
The Bank of Ghana has also reviewed the minimum capital requirement for banks operating in Ghana from the 120 million to 500 million cedis putting a lot of demand on Banks to recapitalize through mergers and flotation of shares to enable them stay in business.
Other multinational Banks that have already successfully listed on the Ghana Stock Exchange includes Standard Chartered Bank and Ecobank who have issued their shares at 14.10 cedis and 6.85 cedis respectively.
Access Bank (Ghana) Limited was established in August 2009 as a full service commercial bank offering universal banking services to corporate, commercial, SME and individual customers across Ghana.
It is a member of the Access Bank Group of Nigeria and leverages on the international network of the group in eight African markets spanning sub-Saharan Africa’s three monetary zones, as well as in the Far East, Middle East, Asia and the United Kingdom, to facilitate trade activities for businesses across the sub-region and the rest of the world.
Currently, Access Bank Ghana serves customers across 46 business offices located in all the 10 regional capitals as well as key commercial centres and cities across the country.
With an impressive growth trajectory over the past seven years, which earned it the 2013 Bank of the year award, Access Bank has experienced a rapid growth and gained recognition as one of the fastest growing banks in Ghana.
By CHRISTIAN KPESESE
