Access Bank has announced that it has completed the acquisition of a 78.15% shareholding in African Banking Corporation of Botswana Limited (BancABC Botswana).
BancABC Botswana is the fifth largest bank in Botswana and is a well-capitalized franchise poised for growth in its local market. The new acquisition will form part of the Bank’s nexus for trade and payment in Southern Africa and the broader COMESA trade region.
BancABC Botswana’s achievement in the retail banking space will provide an opportunity for the bank to deploy its best-in-class digital banking platforms and product suites to the benefits of BancABC Botswana’s customer and enable it to compete strongly across its core business segments.
Commenting on the transaction, Dr Hebert Wigwe, GMD/CEO of the 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 Africa Bank”