Introduction
The Central Bank of Nigeria ("CBN"), being the country's apex bank and the regulator of the banking sector, has as one of its key objectives1 to promote a sound financial system. To fulfill this mandate, the CBN ensures the safety and soundness of the financial system in Nigeria through comprehensive banking sector reforms, improved access to financial services, and proactive identification, monitoring, and mitigation of systemic risks. It also focuses on strengthening institutional capacity and enforcing sound corporate governance practices to safeguard the integrity of the financial sector.2
In line with these responsibilities, the CBN, via a circular dated March 28, 2024,3 announced a new recapitalization policy for the banking sector, and prescribed an increment in the minimum share capital requirements for "commercial", "merchant", and "non-interest banks" operating in Nigeria. One of the key objectives of the recapitalization is to ensure that Nigerian banks are well-positioned to fund large-scale projects that contribute to national development. The last major recapitalization effort took place in 2004, under the then CBN Governor, Charles Soludo, when the minimum capital requirement for banks was raised to N25 billion. That strategy allowed Nigerian banks to take on larger projects and compete in the global financial landscape. Similarly, the current recapitalization initiative aims to reinforce the banking sector's ability to support the Federal Government's economic goals, including a target of reaching a $1 trillion economy.
While this recapitalization strategy is designed to bolster the banking sector, it has placed considerable pressure on smaller financial institutions and manufacturers. Many small-to-medium enterprises (SMEs) and manufacturers struggle to keep up as larger banks dominate the capital market, thereby limiting access to finance for smaller players. This development has sparked concerns about the long-term impact on the economy, especially regarding how smaller entities can survive and grow in such a competitive environment.
To mitigate these challenges, financial experts have suggested that recapitalization efforts should be incentivized rather than coercive, with differential cash reserve requirements for well-capitalized banks. This approach would allow larger banks to expand, while also providing breathing space for smaller and regional banks to remain competitive. Overall, recapitalization is seen as a double-edged sword. While it helps fortify the banking sector, there is a real risk of marginalizing smaller institutions if a balanced framework is not maintained.
This article aims to look at the effects of the CBN's recapitalization policy of March 28, 2024 on Nigerian banks and assess the progress made so far by some of the banks more than one year after the policy's introduction.
Why Recapitalization?
Recapitalization refers to the process of increasing financial strength by raising additional capital. It is a type of corporate restructuring that aims to change a company's capital structure to improve resilience and support growth.4 In Nigeria, the decision to recapitalize banks is driven by societal needs, the evolving nature of the economy, and the inherently sensitive role that banks play in financial stability.
The Banking Sector recapitalization programme is a regulatory initiative introduced by the Central Bank of Nigeria (CBN) mandating banks to increase their minimum paid-in common equity capital within a set time frame, based on their license category and operational scope. The 2024 recapitalisation policy did not come as a total shock to the Banking sector. The CBN Governor, Dr. Olayemi Cardoso, had previously indicated this direction during the 58th Annual Bankers' Dinner in November 2023, where he announced the apex bank's intention to increase the capital base of banks.
The core objective of this recapitalization policy is to ensure that Nigerian banks have the capacity to take bigger risks, remain resilient during economic downturns, and effectively support the various sectors of the economy. It also aims to boost public confidence in the banking system. In this context, recapitalization has become a vital component for the continued stability and growth of both Nigeria's financial and capital markets. The recent push for a higher capital threshold is influenced by evolving macroeconomic challenges and regulatory pressures from the CBN.5
Legal Framework Governing Recapitalization in Nigeria
The CBN serves as the principal regulatory body overseeing the Country's banking sector, and its policies on recapitalization are grounded in several legal instruments. The Banks and Other Financial Institutions Act ("BOFIA") 2020 provides the legal foundation for the CBN's authority to mandate recapitalization. Specifically, section 9 of BOFIA authorizes the CBN to set minimum capital requirements for banks, a provision that has facilitated several recapitalization efforts over the years, most notably in 2005, and more recently, in March 2024.
The legal framework aims to ensure that banks maintain sufficient capital to absorb losses and protect depositors. However, these mandates also create a legal obligation for banks to comply with, often leading to mergers, acquisitions, and the consolidation of smaller banks that struggle to meet the new capital requirements.
In March 2024, the CBN announced a recapitalization policy that increased the minimum capital requirements for "commercial," "merchant," and "non-interest banks" in Nigeria. This policy takes effect on April 1st, 2026, providing financial institutions a 24-month window from April 1, 2024 to March 31, 2026-to to meet the revised capital benchmarks.
The main objectives of the CBN Recapitalization Policy of 28th March, 2024, include the following:
- Strengthening Resilience: To improve the resilience of Nigerian banks against both local and global shocks and promote the stability of the financial system.
- Supporting Economic Growth: By ensuring that banks have the capacity to take bigger risks, support the various sectors of the economy, and enhance confidence in the banking system.
- Aiming for a $1 Trillion Economy: The CBN aims to contribute to the Nigerian Federal Government's goal of achieving a $1 trillion economy in Gross Domestic Product (GDP) by 2030.
- Capital Adequacy Ratio (CAR) Requirements: The recapitalization framework also requires banks to maintain specific capital adequacy ratios. For example, international and systemically important banks must maintain a CAR of 15% of risk-weighted assets. This is part of the Basel III standards, which Nigeria began implementing in 2021. Basel III emphasizes the importance of liquidity, leverage, and capital buffers, ensuring that banks can withstand economic shocks.
- Companies and Allied Matters Act (CAMA) 2020: The CAMA 2020 provides the legal foundation for corporate governance and capital structuring in Nigeria. It mandates that share premiums (the excess paid 6over the nominal value of shares) must be accounted for separately, which affects how banks meet recapitalization requirements. The CBN's exclusion of retained earnings from the recapitalization terms has sparked debate, as bankers argue it overlooks the real value represented by those earnings. The recapitalization efforts aim to strengthen the Nigerian banking system; however, it has brought challenges, particularly for smaller banks and SMEs, due to stricter compliance and capital thresholds. However, the framework is crucial for ensuring long-term financial stability and enhancing the sector's resilience.
Types of Bank Recapitalization Strategies in Nigeria
The capital market plays a pivotal role in the recapitalization process by offering banks a range of financing options, particularly through equity financing. Banks can raise capital by issuing new shares to investors, while rights issues enable existing shareholders to acquire more shares at a discounted price. Whether through private or public channels, utilizing the capital market for recapitalization helps banks meet regulatory capital requirements, improve capital adequacy ratios, enhance credit capacity, and strengthen financial stability.
Furthermore, engaging the capital market in this manner helps restore investor trust and promotes better risk management practices. However, recapitalization options through capital markets vary, each carrying its own strategic and financial implications. In line with its policy, the CBN, has outlined specific viable options for banks to pursue in meeting the new capital requirements, which include the following:
i. Capital Infusion by way of Public Offerings, Rights Issue and Private Placement
Equity infusion by way of a public offering involves raising capital for a financial institution by issuing new shares to the public through the capital market. It is a method of investment that allows individuals and organizations to invest in the shares of a public company, effectively becoming part owners. This recapitalization option is open to both publicly listed entities and private companies seeking to transition to public status. Public offering can be executed through rights issues or private placements. Several banks, including Zenith Bank, Guaranty Trust Bank7 and Fidelity Bank, have already initiated capital-raising efforts through public offers in response to the CBNs recapitalization directive.
A rights issue on the other hand grants existing shareholders of financial institutions the opportunity to purchase additional shares at a discounted price, giving them priority over new investors. Essentially, this method enables a bank to raise capital while preserving existing ownership structures. Currently, Access Holdings Plc has flagged off its scheme to raise a total of N351 (Three Hundred and Fifty-One) billion by way of a rights issue to its existing shareholders.
Private placement is a method of raising capital by selling securities directly to a select group of investors-such as institutional investors, accredited individuals, or high-net-worth entities-without a public offer. this route requires prior approval from the Securities and Exchange Commission (SEC) and is subject to specific regulatory conditions. Notably, the issuing company must demonstrate an urgent need for new funds or strategic expertise, proving that private placement is the most viable option. Such Securities can only be offered to a maximum of 50 subscribers.8
In a bid to achieve the recapitalization quota, a financial institution may adopt a hybrid strategy, combining both rights issues and public offerings, depending on its financial strategy and board decisions. This flexible approach allows financial institutions to optimize capital inflow, enhance market visibility, and cater to a diverse group of investors. Upon the approval by the SEC, these banks or financial institutions can leverage prevailing market conditions to raise the necessary funds and/or engage in various forms of business combinations-such as mergers or acquisitions-to strengthen their financial standing and reduce debt.
ii. Mergers and Acquisitions
Recapitalization efforts can also take the form of mergers and acquisitions (M&A). Specifically, a merger combines two or more companies into a single, unified entity, consolidating their workforce, operations, and assets. In recent years, the Nigerian banking sector has experienced significant M&A activities due to recapitalization policies. A recent example is the CBN approval, on 6th August 2024, of the proposed merger between Providus Bank and Unity Bank, subject to the final approval from the SEC. This development reflects how institutions are responding to increased minimum capital requirements.
Typically, mergers aim to increase market share, reduce competition, or enter new markets. On the other hand, acquisitions occur when a financially stronger institution purchases both shares and assets of a weaker or undercapitalized entity to improve the latter's operational and financial standing. In both cases, M&A transactions can serve as viable pathways for meeting recapitalization targets while also strengthening the overall banking landscape.
iii. Changes to License Authorization
While banks have always had the opportunity to upgrade their licenses, enabling those in lower-tier categories to transition to higher authorization levels, the recapitalization directive has also introduced the option of license downgrades. This allows financial institutions that are unable to meet the capital requirements of their current license tier to voluntarily shift to a lower category.
This license downgrade provision serves as a practical alternative for banks that may not view mergers or acquisitions as preferred option. Such banks can now downgrade their authorization and develop long-term strategies for a sustainable capital base under a revised operational platform. Ultimately, this approach provides a lifeline for undercapitalized banks, ensuring their continued participation in the financial ecosystem under a revised, more sustainable operational model.
iv. Bailouts and regulatory interventions are also essential for maintaining stability within the financial system and supporting recapitalization efforts of financial institutions. For instance, during the 2008-2009 financial crisis, the CBN intervened by injecting N620 billion (Six Hundred and Twenty Billion Naira) into the banking sector through unsecured and subordinated debt. This intervention provided guarantees for interbank lending, foreign credit lines, and pension deposits. Furthermore, the CBN recently approved a financial package of N700 billion (Seven Hundred Billion Naira) to assist in the merger between Unity Bank Plc and Providus Bank Limited. According to the apex bank, this funding is designed to address Unity Bank's obligations to the CBN and other stakeholders, reinforcing the stability of Nigeria's financial system. Such interventions are guided by the CBN Act and aim to ensure that the financial system remains robust.9
Comparison of Right Issues and Public Offerings
- Ownership Control: Rights issues allow existing shareholders to retain their proportional ownership and control in the bank, whereas public offerings may lead to dilution of their control by introducing new investors.
- Speed of Capital Raising: Public offerings typically raise capital faster due to broader investor access, while rights issues may be slower as they are limited to existing shareholders.
- Investor Base: Rights issues target existing shareholders, while public offerings expand the bank's investor base by attracting new investors.
- Market Sentiment: A public offering can send a signal to the market that the bank is confident about its growth prospects, but it could also raise concerns if seen as a sign of financial distress.
The Process of Recapitalization via Rights Issues and Public Offerings
Recapitalization through rights issues and public offerings is a strategic approach used by Nigerian banks to strengthen their financial position and comply with regulatory capital requirements. Rights issues allow existing shareholders to purchase additional shares, typically at a discount, helping maintain ownership control and guard against hostile takeovers. This method has become especially popular amid the Central Bank of Nigeria's (CBN) 2024 recapitalization mandate, as it enables banks to raise capital efficiently without diluting internal control. In volatile markets or during regulatory shifts, rights issues offer a stable, shareholder-friendly path to meeting capital targets.
Public Offerings
A public offering, including an Initial Public Offering (IPO), enables a company to sell shares to the public—broadening its investor base and increasing capital access. In Nigeria, public offerings are vital for enhancing liquidity and extending a bank's reach beyond traditional stakeholders. By attracting both institutional and retail investors, banks not only raise essential funds but also boost their visibility and credibility in the global financial arena.
These offerings require detailed preparation, including prospectus development, regulatory approval, and strict compliance with disclosure rules set by the SEC. To ensure transparency and investor protection, the SEC enforces rigorous standards. Increasingly, Nigerian public offerings are conducted through e-offering platforms, reflecting a growing shift toward digital capital-raising methods that expand participation and accessibility.10
Regulatory Compliance and Oversight
The legal and regulatory framework for recapitalization via rights issues and public offerings is governed primarily by the CBN and the SEC. Both bodies enforce guidelines to ensure that capital-raising activities are conducted in a transparent and efficient manner.
- The SEC's Framework: The SEC provides specific guidelines for raising capital through rights issuances, public offerings, and private placements. The process involves detailed steps for registration, including penalties for incomplete applications. The SEC requires strict documentation, including capital verification reports and approvals from the CBN, to ensure compliance.
- Bank Verification Number (BVN): A BVN is mandatory for all participants in rights issues and public offerings. This ensures the transparency of transactions and helps in tracking capital flows and shareholder identities.
The Role of Recapitalization in Financial Stability11
The recapitalization of Nigerian banks through rights issues and public offerings has broader implications for the stability of the financial system. By increasing their capital base, banks are better equipped to absorb financial shocks, comply with global standards and support economic growth by extending credit to various sectors, including small and medium enterprises (SMEs).
Moreover, successful recapitalization efforts contribute to the overall health of the Nigerian economy by ensuring that banks remain solvent, competitive, and able to meet both domestic and international financial obligations. Through recapitalization, Nigerian banks can improve their capital adequacy ratios (CAR), enabling them to withstand potential losses and remain resilient in the face of economic challenges.
Recapitalization through rights issues and public offerings is a vital tool for Nigerian banks. It helps them meet regulatory requirements, strengthen their financial standing, and maintain shareholder confidence while also expanding their market reach and visibility. The process, though intricate, is well-regulated, ensuring that it remains transparent, fair, and beneficial for both financial institutions and the economy at large.
Impact of Recapitalization on Nigerian Banks
The recapitalization of Nigerian banks, especially via rights issues and public offerings, has had a profound impact on the banking sector. The main objectives of recapitalization exercises—such as increasing capital requirements—are to strengthen financial institutions, enhance their ability to weather economic shocks, and ensure a more resilient financial system. The underlisted are some ways recapitalization has impacted the Nigerian banking sector:
- Enhanced Capital Adequacy and Financial Stability: Recapitalization has improved the capital adequacy ratios of banks, making them more robust and better positioned to handle external economic pressures. Higher capital buffers have led to increased resilience against financial crises, reducing the likelihood of systemic failures. This aligns with the CBN's goal of fostering a strong financial system capable of supporting economic growth.
- Improved Confidence and Market Competitiveness: By injecting new capital through public offerings and rights issues, recapitalization has restored confidence among depositors and investors. It has also enhanced the ability of Nigerian banks to compete both domestically and internationally, making them more attractive to foreign investments. This is vital as the banking system integrates into the global financial market.
- Positive Effects on Profitability and Liquidity: Studies have shown that recapitalization has led to improvements in key performance indicators such as profitability, asset quality, and liquidity. The stronger capital base enables banks to generate better returns on assets and equity. However, while the recapitalization efforts have yielded immediate benefits in terms of liquidity and asset quality, there are concerns that these effects may only offer short-term relief, particularly in times of crisis.
- Promotion of Economic Development: The recapitalization of banks has facilitated more lending to critical sectors like manufacturing and SMEs, thus boosting economic activities. This has positioned Nigerian banks to play a more active role in the country's development, aligning with broader economic goals such as achieving a $1 trillion economy.12
Challenges of Recapitalization on Nigerian Banks
Recapitalization, though vital for the health of Nigeria's banking sector, presents several challenges. These can have both short-term and long-term implications for banks, shareholders, and the overall economy. Some of these challenges include:
i. Cost Implications
Raising capital through rights issues or public offerings can be expensive for banks. The process involves administrative costs, regulatory fees, and marketing expenses to attract investors. Furthermore, underwriters and advisors often charge significant fees, adding to the financial burden on banks. This can reduce the net proceeds from capital raised, limiting the effectiveness of the recapitalization efforts.
ii. Dilution of Shareholder Value
Recapitalization through public offerings or rights issues can lead to shareholder dilution. For existing shareholders, the issuance of new shares means a reduced percentage of ownership unless they are able to purchase more shares. For smaller shareholders who cannot afford to buy additional shares, this can lead to a loss of control and reduced influence over the bank's decision-making process.
iii. Economic and Market Conditions
Unfavourable economic conditions, such as inflation or fluctuating interest rates, can negatively impact the success of recapitalization efforts. When market sentiment is low, investors may be reluctant to buy shares, making it difficult for banks to raise the required capital. The slow recovery of the Nigerian economy and volatility in the oil and gas sectors also complicate efforts to attract both domestic and foreign investors.
iv. Regulatory Hurdles
While recapitalization is driven by regulatory bodies like the CBN and the SEC, complying with the extensive regulatory requirements can be a challenge. The need for approval of prospectuses, adherence to timelines, and the complexity of legal frameworks surrounding capital raising can cause delays. These bureaucratic processes sometimes slow down the recapitalization, which can be problematic for banks that need capital quickly.
v. Risk of Overcapitalization
In some cases, banks may raise more capital than is immediately necessary, leading to overcapitalization. This excess capital might sit idle if there are no profitable investment opportunities, reducing overall return on equity. Overcapitalization can also result in inefficient use of resources, limiting the ability of banks to generate profits in the short term.
vi. Investor Fatigue
With frequent recapitalization efforts, particularly after major reforms or regulatory changes, there is a risk of investor fatigue. Investors may become wary of continually injecting capital into banks, especially if they perceive that previous recapitalizations have not led to substantial improvements in performance or stability. This reluctance can make it harder for banks to raise the required funds.13
Analysis of Past Recapitalization Efforts
2004 Bank Consolidation
One of the most significant recapitalization efforts occurred in 2004 when the CBN mandated banks to raise their minimum capital base from ₦2 billion to ₦25 billion; a move intended to fortify the banking sector and eliminate undercapitalized institutions. The consolidation resulted in a reduction from 89 banks to 25, effectively creating larger, more stable institutions capable of withstanding economic shocks. However, this wave of mergers and acquisitions also led to concerns about monopolistic practices and reduced competition in the banking sector.
2010 Recapitalization of Distressed Banks
In response to the financial crisis, the CBN launched another recapitalization initiative in 2010 targeting distressed banks, which were struggling to meet the capital adequacy requirements due to significant non-performing loans. The CBN intervened by injecting capital into these banks through the establishment of the Asset Management Corporation of Nigeria (AMCON). While this effort stabilized the banking sector temporarily, it also raised questions about moral hazard, as banks may have felt less compelled to manage risks effectively knowing that the government would intervene in times of trouble.
2014 Capital Injections
In 2014, the CBN reviewed its capital adequacy framework, requiring banks to maintain higher capital reserves to support growth and manage risk. This led to further public offerings and rights issues by several banks, aimed at meeting these new requirements. Many banks successfully raised significant capital, enhancing their capacity to lend and invest. However, the increased capital did not necessarily translate into better performance across the sector, as some banks struggled with operational inefficiencies and market competitiveness.
2018 and Beyond: Continuous Adjustments
In recent years, the CBN has continued to adjust its recapitalization policies to reflect changing economic realities. The introduction of new capital requirements and enhanced supervision has aimed to ensure that banks can effectively manage risks associated with currency fluctuations and economic downturns. However, the overall effectiveness of these adjustments has been mixed, as the banking sector continues to face challenges related to economic instability and the impact of global financial trends.14
CONCLUSION
The recapitalization of Nigerian banks through rights issues and public offerings has emerged as a vital mechanism for strengthening the financial sector. Past efforts, particularly the significant initiatives in 2004 and 2010, have highlighted the importance of maintaining a robust capital base to ensure financial stability and mitigate risks associated with economic fluctuations. While these initiatives have led to enhanced capital adequacy and increased confidence among investors, challenges such as shareholder dilution, high costs, and regulatory complexities have surfaced.
The effectiveness of recapitalization efforts has been mixed, as some banks have successfully leveraged increased capital to enhance their lending capabilities and competitive positioning, while others have struggled with operational inefficiencies and market dynamics. Looking ahead, it is crucial for regulators and banks to learn from these experiences and develop strategies that not only focus on raising capital but also on improving risk management practices and operational efficiency. Ultimately, a well-structured and effectively implemented recapitalization framework can significantly contribute to a resilient banking system capable of supporting Nigeria's economic growth and development goals.15 As the countdown to the 31st March deadline intensifies, some banks have already met the threshold while many others are advancing to the second phase of capital raising, with few still weighing their best options. The recapitalization exercise no doubt will give banks the balance sheet strength to support developmental financing, absorb shocks, and underwrite big ticket transactions.
Footnotes
1. Sec. 2(d) CBN Act 2007.
2. Chizoba E. Didigu, Nsikak J. Joshua, Joel I. Okon, Annette O. Eze, Jurbe Y. Gopar, Charles N. Oraemesi, Blessing-Oxford U. Udofia, Daniel N. Yisa, Jude C. Ejinkonye, and Victoria E. Ette, Monetary Policy and Banking Sector Stability in Nigeria, available online at https://www.cbn.gov.ng/Out/2022/STD/Monetary%20Policy%20and%20Banking%20Sector%20Stability%20in%20Nigeria_1_26 accessed 5th October, 2024.
3. https://www.cbn.gov.ng/Out/2024/CCD/Recapitalization_MARCH_2024.pdf Accessed 10th November, 2024
4. https://corporatefinanceinstitute.com/resources/equities/recapitalization/ Accessed 5th July 2024.
5. Harlem Solicitors. "CBN Recapitalisation Policy 2024: Meaning, Purposes and Implications." Harlem Solicitors, 2024. Available at: https://www.mondaq.com/nigeria/financial-services/1470566/cbn-recapitalisation-policy-2024-meaning-purposes-and-implications. Accessed 15th January 2025
6. Onukwe, Chijioke. "Recapitalization: Rights Issue Will Shield Banks from Hostile Takeovers." Nairametrics, 2024. Available at: https://nairametrics.com/2024/06/19/recapitalization-rights-issue-will-shield-banks-from-hostile-takeovers-onukwe/. Accessed 20th January 2025
7. Nairametrics. (2024). "GTCO Plc opens public offer to raise N400.5 billion." Nairametrics. https://nairametrics.com/2024/07/15/gtco-plc-opens-public-offer-to-raise-n400-5-billion/?amp=1 (Accessed 5 October 2024).
8. Rule 340 of The Securities and Exchange Commission Rules and Regulations, 2013
9. Stren and Blan. "Exploring Viable Options for the Recapitalization of Financial Institutions in the Nigerian Capital Markets." 2024. Available at: https://strenandblan.com/wp-content/uploads/2024/08/EXPLORING-VIABLE-OPTIONS-FOR-THE-RECAPITALIZATION-OF-FINANCIAL-INSTITUTIONS-IN-THE-NIGERIAN-CAPITAL-MARKETS.pdf. Accessed 10th February 2025
10. KPMG. "Nigeria's Banking Recapitalisation: What Lies Ahead." 2024. Available at: https://assets.kpmg.com/content/dam/kpmg/ng/pdf/2024/06/Nigeria%27s%2520Banking%2520Recapitalisation%2520What%2520Lies%2520Ahead%2520(1).pdf. Accessed 10th February 2025
11. Agboola, S. "The Effect of Bank Recapitalization and Corporate Governance on Performance of Banking Sector: A Proposed Conceptual Framework." ResearchGate, 2020. Available at: https://www.researchgate.net/publication/338325897_The_Effect_of_Bank_Recapitalization_and_Corporate_Governance_on_Performance_of_Banking_Sector_A_Proposed_Conceptual_Framework. Accessed 20th March 2025
12. Ogbola, Ayodeji. "The Impact of Recapitalization on the Nigerian Banking Sector." Theseus, 2020. Available at: https://www.theseus.fi/bitstream/handle/10024/346721/Ogbola_Ayodeji.pdf?sequence=2. Accessed 20th March 2025
13. Ali, J., et al. "Corporate Governance, Bank Performance, and Recapitalization." *JSSM*, 2021. Available at: https://jssm.umt.edu.my/wp-content/uploads/2021/07/Article-13-16.3.pdf. Accessed 2nd April 2025
14. Financial Nigeria. "Old Lessons for New Banking Recapitalisation." Financial Nigeria, 2024. Available at: https://www.financialnigeria.com/old-lessons-for-new-banking-recapitalisation-blog-889.html. Accessed 2nd April 2025
15. Proshare. "Banks' Rights Issue of Capital Raise, Revaluation Gains and Recapitalisation." Proshare, 2024. Available at: https://proshare.co/articles/banks-right-issue-of-capital-raise-revaluation-gains-and-recapitalisation?menu=Market&classification=Read&category=Stock%20%26%20Analyst%20Updates Accessed 2nd April 2025
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