Access Bank Plc has completed the acquisition of a 78.15 percent shareholding in African Banking Corporation of Botswana (BancABC Botswana).
The new acquisition will form part of Access Bank’s nexus for trade and payments in Southern Africa and the broader Common Market for Eastern and Southern Africa (COMESA) trade region.
BancABC Botswana is the fifth largest bank in Botswana and is a well-capitalized franchise poised for growth in its local market.
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BancABC Botswana’s achievements in the retail banking space will provide an opportunity for Access Bank to deploy its best-in-class digital platforms and product suites to the benefit of BancABC Botswana’s customers and enable it to compete strongly across its core business segments.
“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 banking and SME banking segments for BancABC Botswana.
“The combination is another step towards our broader vision of becoming the World’s Most Respected African Bank,” said Herbert Wigwe, Group Managing Director and Chief Executive Officer, Access Bank Plc.
