Access Bank launches initial public offer of shares

Access Bank Ghana Plc has launched an Initial Public Offer (IPO) for prospective investors to buy shares in the Bank and be part of its growing fortunes.

The launch follows approval from the Securities and Exchange Commission (SEC) and the Ghana Stock Exchange (GSE) to undertake an Initial Public Offering and subsequently list on the Ghana Stock Exchange.

A statement issued in Accra by Head of Corporate Communications and Brand Management at Access Bank (Ghana) Limited said the Bank hoped to raise a minimum amount of GH?104 million to support its growth and expansion strategies when the offer opened from October 19 to November 11.

It said prospective investors were required to purchase a minimum of 100 shares at GH¢4.00 per share.

Mr Dolapo Ogundimu, the Managing Director of Access Bank Ghana, said: “There is the need to grow capacity to take advantage of the opportunities that have emerged from running successful operations in Ghana so far.”

He said the Bank sought to expand their operations by making new investments in branch expansion, robust technology and other infrastructure which would enable them fulfill their commitment to deliver superior banking services to their valued customers and stakeholders.

Mr Ogundimu said that Access Bank had strengthened its resolve to build a truly sustainable Bank that offered superior value to shareholders, customers and the communities it serves.

He said with its positive growth trajectory and consistent financial performance over the past seven years provided adequate basis for prospective investors to buy shares in the Bank.

He said African Alliance Securities and Chapel Hill Denham Securities were Lead Managers and Sponsoring brokers for the IPO.

Mr Frank Beecham, the Chairman of the Board of Directors, expressed optimism about the exercise and belief of the Bank in the potential of Ghana’s economy.

He said: “Access Bank is here to stay for the long haul and we encourage both private and institutional investors to participate in this offer and own a part of one of the fastest growing banks in Ghana.”

Mr Winston Nelson Jnr, the Chief Executive Officer of African Alliance Securities Ghana, urged interested investors to obtain the prospectus relating to the offer from any Access Bank branch in Ghana, the Office of African Alliance, stockbrokers or online via www.ghana.accessbankplc.com.

Since beginning its operations in 2009, Access Bank had remained a catalyst for socio-economic development in the country, pursuing sustainable business practices through its business operations.

The share offer is in furtherance of the commitment.