(Adds details of stake sale)
ACCRA Oct 17 Access Bank Ghana, a subsidiary of
Access Bank of Nigeria, launched an initial public
share offer on Monday aimed at raising at least 104 million
cedis ($26 million).
The Nigerian bank told Reuters it would also cut its stake
to 78 percent from 100 percent in the flotation, aimed at
enabling Access Bank Ghana to become self-funding.
The launch is in line with a broader drive by subsidiaries
of Nigerian banks to seek fresh sources of funding, given the
weakness of its own economy due to low oil prices.
"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 in a statement.
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.
($1 = 3.9 Ghana cedis)
(Reporting by Matthew Mpoke Bigg, with additional reporting by
Chijioke Ohuocha in Lagos; Editing by Greg Mahlich)