Access Bank to snap up majority stake in Botswana’s fifth-biggest lender
Access Bank Plc said on Monday that it had entered into a definitive and binding agreement with ABC Holdings Limited, a subsidiary of London-listed Atlas Mara Limited, to acquire a 78.15 percent stake in African Corporation of Botswana (BancABC Botswana).
The Nigerian lender announced this in a statement signed by its company secretary, Sunday Ekwochi.
The transaction, which is expected to be concluded before the end of the second quarter of 2021, is subject to regulatory approvals and customary conditions precedent, according to Access Bank.
The Group Managing Director/Chief Executive Officer, Access Bank, Herbert Wigwe, said the acquisition would position the bank to deliver a more complete set of banking solutions to its clients active in and across the Southern African Development Community and Common Market for Eastern and Southern Africa regions.
He said, “This transaction complements our recent strategic growth transactions 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.”
The Managing Direcotor, BancABC Botswana, Kgotso Bannalotlhe, said, “We are delighted to have Access Bank on board as a shareholder and strategic partner as we continue to execute on our medium-term growth objectives.
“This transaction represents an opportunity for BancABC Botswana to be part of one of the largest banking groups in Africa and benefit from Access Bank’s strong corporate banking franchise, digital banking capabilities, and innovative product offering, as well as trade finance and international banking that leverage Access Bank’s footprint across Southern Africa and the SSA region more broadly.”
