NSE-listed group Access Bank raised, via its London-based subsidiary, a $158 million trade finance facility from 13 international banks.
Initially set at $100 million the amount was increased to $158 million due to higher investor interest.
The operation was coordinated by the multilateral institution African Trade Insurance (ATI) and the Dubai-based Mashreq Bank. According to analysts, this amount is one of the highest mobilized by a Nigerian bank following the foreign currency shortage in recent years.
Access Bank Uk, Commerzbank, London Forfaiting Company and Mashreq Bank were the financing’s main arrangers, jointly with some African banks. These include the Moroccan BMCE Bank of Africa, Mauritius Commercial Bank and State Bank of Mauritius.