Nigeria: Access Bank Acquires 78.15 Percent Stake in BancABC Botswana

13 October 2021

Access Bank Plc yesterday announced on the Nigerian Exchange Limited (NGX) that it has acquired 78.15 per cent shareholding in African Banking Corporation of Botswana Limited (BancABC Botswana).

Company Secretary, Access Bank, Sunday Ekwochi, in a statement explained that BancABC Botswana is the fifth largest bank in Botswana as well as a well-capitalised franchise poised for growth in its local market.

According to the statement, "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."

Commenting on the transaction, GMD/CEO, Access Bank, Herbert Wigwe 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 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.

AllAfrica publishes around 700 reports a day from more than 100 news organizations and over 500 other institutions and individuals, representing a diversity of positions on every topic. We publish news and views ranging from vigorous opponents of governments to government publications and spokespersons. Publishers named above each report are responsible for their own content, which AllAfrica does not have the legal right to edit or correct.

Articles and commentaries that identify allAfrica.com as the publisher are produced or commissioned by AllAfrica. To address comments or complaints, please Contact us.

X