Access Bank has announced that it had entered into a definitive agreement with ABC Holdings Limited to acquire 78.15 per cent shareholding in the African Banking Corporation of Botswana Limited (BancABC Botswana)
The transaction, which is subject to regulatory approvals and customary conditions precedent which includes consents from other relevant authorities is expected to be concluded in the second quarter of 2021 once relevant stakeholders meet.
ABC Holdings is a subsidiary of London Stock Exchange-listed group – Atlas Mara Limited.
This was based on the statement signed by Sunday Ekwochi, the company’s secretary
Access Bank’s market entry to Bostwana will further solidify its strategy as “a strong banking partner in key verticals across retail and corporate banking, combining its infrastructure and digital offerings/ corporate and SME solutions to succeed in Africa and Sub-Saharan Africa region.
Speaking on the deal, the GMD/CEO, Access Bank, Herbert Wigwe, said: “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 across 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 would be proud of and look forward to welcoming the employees, customers and other stakeholders of BancABC Bostawana to Access Bank.”
