ACCRA (Reuters) – Access Bank Ghana launched an initial public share offer on Monday, aimed at raising at least 104 million cedis ($26 million) for the lender, which is a subsidiary of Access Bank of Nigeria.
The offer follows approval from Ghana’s Security and Exchange Commission and the Ghana Stock Exchange, with the offer open from Wednesday until Nov. 11, the bank said in a statement.
“We are seeking to expand our operations by making new investments in branch expansion, robust technology and other infrastructure,” said Access Bank Ghana Managing Director Dolapo Ogundimu.
The launch reflects a drive by subsidiaries of Nigerian banks to seek fresh sources of funding given the weakness of its own economy due to low oil prices.
($1 = 3.9680 Ghana cedis)
(Reporting by Matthew Mpoke Bigg, with additional reporting by Chijioke Ohuocha in Lagos; Editing by Greg Mahlich)
