Access Bank Announces strategic Move to Acquire 78.15% Stake in BancABC Botswana
Access Bank Plc announced yesterday that it had gone into a binding and definitive agreement with ABC Holdings Limited to acquire 78.15% stake in African Banking Corporation of Botswana Limited, which is also known as BancABC Botswana.
In a corporate disclosure that was seen by Business Elites Africa, it was explained that this move is in furtherance of Access Bank’s strategic efforts to become Africa’s financial gateway to the world.
“We remain committed to a disciplined and thoughtful expansion strategy in Africa, which we believe will create strong, sustainable returns for our shareholders and stakeholders-at-large over the medium and long term. The establishment of Access Bank through this acquisition in the Republic of Botswana will position the bank to deliver a more complete set of banking solutions to its clients active in and around the SADC and COMESA regions. This transaction complements our recent strategic growth acquisitions in South Africa, Zambia, and Mozambique.
“We are building a bank of the future that Africans across Africa and the world will be proud of, and look forward to welcoming the employees, customers, and other stakeholders of BancABC Botswana to Access Bank,” said Herbert Wigwe, Access Bank’s Group Chief Executive Officer.
Note that the deal is still subject to regulatory approvals. However, Access Bank said it expects everything to be finalised before the end of the the second quarter of the year.
It may interest you to know that African Banking Corporation of Botswana Limited is the fifth largest bank in Botswana. Checks by Business Elites Africa confirmed that BancABC has been very profitable in recent years, even as it is well capitalised and poised to continue growing speedily in the coming years; especially with the takeover of Access Bank which has demonstrated good track-record of positive financial performance.
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