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.