Access Bank Ghana Launches IPO to Raise $26m

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.