Access Bank Plc revealed on the Nigerian Exchange Limited (NGX) yesterday that it had acquired 78.15 percent of African Banking Corporation of Botswana Limited (BancABC Botswana).
Sunday Ekwochi, Access Bank’s Company Secretary, said in a statement that BancABC Botswana is the country’s fifth largest bank and a well-capitalized franchise positioned for expansion in its home market.
The statement partly read: “The new acquisition will form part of the Bank’s nexus for trade and payments in Southern Africa and the boarder COMESA trade region. BancABC Botswana’s achievements in the retail banking space will provide an opportunity for the bank to deploy its best-in-class digital platforms and product suites to the benefit of BancABC Botswana’s customers and enable it to complete strongly across its core business segments.”
Herbert Wigwe, GMD/CEO of Access Bank, commented on the transaction: “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 out broader vision of becoming the World’s Most Respected African Bank.”
The company’s share price yesterday added N0.15 or 1.59 per cent to close trading at N9.60.
Access Bank has subsidiaries across Sub-Saharan Africa and Europe, providing financial and banking services. The bank’s subsidiaries include Access Bank (Gambia) Limited, Access Bank (Sierra Leone) Limited, Access Bank (Zambia) Limited, Access Bank (UK) Limited, Access Bank (Ghana) Limited, Access Bank (D.R. Congo), Access Bank (Rwanda) Limited, Access Bank (Guinea) Limited, Access Bank (Kenya) Limited and Access Bank (Mozambique) Limited.