ACCESS BANK PLC.
Status: Approved investmentWhy disclosure?
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Disclaimer
The information as disclosed is indicative and provided on an "as-is/as available" basis for general informational purposes only and should not be construed as financial, legal or investment advice, nor as a commitment or an offer to arrange or provide any financing. The final decision to provide financing is subject to the terms and conditions of FMO in its sole and absolute discretion. When providing links to other sites, FMO bears no responsibility for the accuracy, legality or content of the external site or for that of subsequent links. The information on proposed investment for high-risk investments is made available in the language relevant to the country or region where the bulk of operations take place. Translations of any information into languages other than English are intended as a convenience for local stakeholders. In case of any discrepancy, the information provided in English will prevail.
Who is our customer
Access Bank Plc is a full-service commercial bank operating through a network of 567 branches and service outlets located in major centers across Nigeria. Apart from the Nigerian operations, the bank has seven subsidiaries in Africa, one in the UK and four representative offices. Access Bank Plc is listed on the Nigerian Stock Exchange since 1998 and provides a wide range of banking and financial services via four main business segments: Corporate & Investment banking, Commercial Banking, Business Banking and Personal Banking. As part of its continued growth strategy, Access Bank Plc is focused on mainstreaming sustainable business practices into its operations.
What is our funding objective?
FMO provided Tier-II financing in order to strengthen the capital position of the client and allow the bank to roll-out its 5-year strategy of becoming Africa’s gateway to the world under the current uncertain times due to the Covid-19 pandemic. Part of that strategy is also to deepen the footprint in the retail segment as well as increasingly support local Micro, Small, and Medium-size Enterprises, thereby supporting job creation in the Nigerian economy.
Why do we fund this investment?
FMO continues to support Access Bank along the mutual strategy of sustainable commercial development through financing corporates and MSMEs in Nigeria’s real economy, thereby enabling those companies to invest in their businesses, create jobs and contribute to the overall economic development and growth
What is the Environmental and Social categorization rationale?
Access Bank is a longstanding client of FMO. The bank is classified as E&S Category A in accordance with FMO’s Policy. The clients in Access Bank’s portfolio are active in sectors which have potential significant and adverse environmental and social impacts. Main sector exposure is to oil & gas. Environmental and social challenges the bank is facing in its portfolio are pollution, operational health & safety, waste management, poor working conditions and affected local communities. Access Bank has a team of environmental & social experts within the bank that work with the bank’s clients to mitigate the negative impacts of their activities. Access Bank received a number of sustainable banking awards. This is a clear recognition from external stakeholders that Access Bank is performing above sector average on environmental & social risk management. As part of the agreement with Access Bank, the bank will be required to apply the EDFI Exclusion List, local E&S laws and regulations (including the Nigerian Sustainable Banking Principles and the IFC Performance Standards Framework) for certain identified projects.
More investments
| Date | Total FMO financing |
|---|---|
| 12/9/2021 | USD 45.00 MLN |
| 1/30/2019 | USD 30.00 MLN |
| 1/12/2023 | USD 38.00 MLN |
| 10/29/2019 | USD 30.00 MLN |
- Region
- Africa
- Country
- Nigeria
- Sector
- Financial Institutions
- Effective date
- 7/23/2020
- Total FMO financing
- USD 55.00 MLN
- Funding
- FMO NV
-
Risk categorization on environmental and social impacts, A = high risk, B+ = medium high risk, B = medium risk, C = low risk
Environmental & Social Category
(A, B+, B or C) - A