ACCRA Oct 17 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
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)