Access Bank Plc on Monday disclosed that the bank has entered into a binding agreement with ABC Holdings Limited, a subsidiary of Mara limited (London Stock Exchange) to acquire a 78.15% shareholding in African Banking Corporation of Botswana Limited (BancABC Botswana).
BancABC Botswana is the fifth largest bank in Botswana and has been “perennially profitable” according to Access Bank.
This is the latest acquisition by Access Bank as the bank continues to expand its footing in other African countries, in its bid to be the “world’s most respected African bank.”
In late March Access Bank Plc announced that it has received approvals from the South African and Nigerian Regulatory authorities with respect to the proposed acquisition of the South African Based Grobank Limited.
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According to Access Bank enter into Botswana markets “will enable it to 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.“
Commenting on the announcement of the agreement, Access Bank CEO Herbert Wigwe said “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.”
Ifunanya Ikueze is an Engineer, Safety Professional, Writer, Investor, Entrepreneur and Educator.