The Access Bank UK has secured an oversubscribed facility worth US$370mn from a group of 14 banks.

The funds were disbursed in December and the UK-headquartered subsidiary of Nigeria’s Access Bank, which has a strong focus on trade finance, will use the proceeds to support its growth and expansion plans.

The annual syndication was oversubscribed following “strong participation” from a diverse group of lenders, though their commitments were ultimately scaled backed, says a statement from Access Bank UK and ATF Finance.

Non-bank financial institution ATF Finance serves as the sole arranger, while law firm Dentons acts as legal counsel.

ATF Finance declined to name the participating lenders, though says the list includes financial institutions from the US, UK, European Union, South Africa, the Middle East and North Africa.

“This successful syndication demonstrates The Access Bank UK’s strong financial position and its ability to attract significant global investor interest,” says Christian Karam, managing director of ATF Finance.

He notes the facility has increased in size over the past five years, following the first deal in 2019, valued at US$100mn.

“Each year, this facility has seen growing numbers of lenders from various markets supporting it with larger amounts,” he adds.

The Access Bank UK is a wholly owned subsidiary of Access Bank, a Nigerian financial services organisation. The lender has taken steps to expand into fresh markets in the past year, opening an office in Hong Kong and buying a majority stake in Mauritian lender AfrAsia Bank in the latter months of 2024.

The bank has a strong focus on trade finance deals between Africa and international markets.

ATF Finance has offices in London and Dubai, and specialises in loan origination and distribution to banks. It is active in Africa’s syndicated and bilateral loan market. In 2022, it acted as bookrunner and coordinator on a US$117mn syndicated trade finance facility for Ghana’s GCB Bank.