Access Bank Plc, Nigerian leading bank has announced the completion of the acquisition of a 78.15% shareholding in African Banking Corporation of Botswana Limited (BancABC Botswana).
Banc ABC Botswana is the fifth largest bank in Botswana and is a well-capitalised franchise poised for growth in its local market.
Access Bank in a notice at the Nigerian Exchange said “The new acquisition will form part of the bank’s nexus for trade and payments in Southern Africa and the broader COMESA trade region.
“BancABC Botswana’s achievements in the retail banking space will provide an opportunity for bank to deploy its best -in class digital platforms and product suites to the benefit of BancABC Botswna’s customers and enable it to compete strongly across its core business segments.”
Commenting on the transaction, Dr Herbert Wigwe, GMD/CEO of Access Bank said: “We are pleased with the successful conclusion of this transaction which will provide significant synergies by combining BancABC Botswana’s strong retail banking operation with Access Bank’s wholesale banking capabilities.
“It will also strengthen the quality of earnings through revenue diversification and growth in the corporate and SME banking segments for BancABC Botswana.
“The combination is another step towards our broader vision of becoming the World’s Most Respected African Bank.”