Access Bank Announces Strategic Transaction In Furtherance Of Its Strategy To Be Africa’s Gateway To The World

Must Read

- Advertisement -

Access Bank Plc announces today that it has entered into a definitive and binding agreement with ABC Holdings Limited, a subsidiary of the London Stock Exchange-listed group Atlas Mara Limited to acquire a 78.15% shareholding in African Banking Corporation of Botswana Limited.

Access Bank gets CBN's nod to convert to Holding company
Herbert Wigwe, MD/CEO of Access Bank plc.

Botswana is renowned for its quality sovereign credit rating and stability, and Access Bank’s market entry will enable it further solidify its strategy as a strong banking partner in key verticals across retail and corporate banking, including especially supporting trade and payments across Southern Africa and Sub-Saharan Africa more broadly.

BancABC Botswana is the fifth-largest bank in Botswana and is a very well-capitalised banking institution poised for growth and success in its local market. The bank has been perennially profitable, given an existing high-quality retail loan book with opportunities and scope for diversification and further expansion into corporate and SME lending.

Botswana’s achievements in digital banking adoption also provide an opportunity for Access Bank to optimize its best-in-class digital platforms and product suites to the benefit of BancABC Botswana’s customers.

Speaking on today’s announcement Herbert Wigwe, GMD/CEO Access Bank said:

- Advertisement -

“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 will be proud of, and look forward to welcoming the employees, customers and other stakeholders of BancABC Botswana to Access Bank.”

The transaction, which is subject to regulatory approvals and customary conditions precedent, is expected to close before the end of the quarter of 2021.

- Advertisement -
spot_imgspot_img

Subscribe to BrandSpur Ng

Subscribe for latest updates. Signup to best of brands and business news, informed analysis and opinions among others that can propel you, your business or brand to greater heights.

- Advertisement -

LEAVE A REPLY

Please enter your comment!
Please enter your name here

This site uses Akismet to reduce spam. Learn how your comment data is processed.

Latest News

FDA Seeks Public Comments On PMI Application To Market IQOS 3 As Modified Risk Tobacco Product-Brand Spur Nigeria

FDA Seeks Public Comments On PMI Application To Market IQOS 3...

The U.S. Food and Drug Administration (FDA) today opened a public comment period on Philip Morris International’s (PMI--NYSE: PM) application seeking authorization to market the IQOS 3 electrically heated tobacco system...
- Advertisement -
spot_imgspot_img

Latest News

FDA Seeks Public Comments On PMI Application To Market IQOS 3 As Modified Risk Tobacco Product

The U.S. Food and Drug Administration (FDA) today opened a public comment period on Philip Morris International’s (PMI--NYSE: PM) application seeking authorization to...
- Advertisement -
BrandsPur Weekly Cartoons
- Advertisement -spot_imgspot_img