Access Bank has listed its shares on the Ghana Stock Exchange, becoming the only bank with Nigerian ownership on the bourse.
The listing also brings the number of companies on the bourse to 41.
The Managing Director of Access Bank, Mr. Dolapo Ogundimu, described the listing as
a land mark one, adding that, it has been part of the five-year strategy and vision to become the world’s most respected African bank.
“This intention has indeed always been on the table for us. We have been clear in our mind that to rank amongst the top banks in Ghana within the next few years, then it was important to make our banking franchise more indigenous. And certainly, this involved setting new standards and being more inclusive in ownership,” he said.
He said the Bank’s interest in the development of the capital market dates as far back as 2010 when it hosted the first leadership seminar on the Secondary Bond Market in Ghana.
Mr. Ogundimu said the additional capital would allow the Bank to invest in infrastructure, branch expansion and technology.
He noted that Access Bank wanted its banking franchise to become more indigenous, so that it could play a more meaningful role in Ghana’s socio economic development.
“We strongly believe that we are putting in place the building blocks for our sustainable future, whilst contributing to deepening the capital market in Ghana. An active capital market will provide alternative options for investors drive competition and help to increase shareholder value,” he said.
Mr Kofi Yamoah, the Managing Director of the Ghana Stock Exchange, said 118 million shares of the Bank has been listed on the Accra Bourse, adding more than half a billion Ghana cedis to the market capitalisation.
He urged the management of the Bank to apply the offer proceeds strictly for the purpose as stated in their prospectus.
Mr. Yamoah asked other banks not listed on the GSE to emulate the example of Access Bank and do so.
Mr.Kweku Bedu-Addo, Chief Executive, Standard Chartered Bank, Ghana and the Chairman of the Ghana Stock Exchange Council commended Access Bank for the listing on the GSE.
He urged the Bank to be open and transparent to shareholders and the public through the provision of adequate information.
Access Bank shares appreciated by 10 pesewas to close trading session on Wednesday at 4.10 cedis. GNA