Nigerian bank completes BANCABC takeover
Nigerian Bank, Access Bank, has completed its 78.15 percent acquisition of public listed BANCABC Botswana.
Following the conclusion of all regulatory approvals on Monday this week, Access Bank now holds 78.15 percent of BANCABC, which were previously held by African Banking Holdings Limited.
The completion of the takeover saw the Botswana Stock Exchange (BSE) record a historic turnover recorded in a single day of P1 billion.
Listed on the Nigerian Stock Exchange since 1998, Access Bank is a diversified financial institution that combines a strong retail customer franchise and digital platform with deep corporate banking expertise and risk management and capital management capabilities.
Speaking during the BSE monthly opening ceremony last Thursday where Access Bank was introduced, the bank’s Group Managing Director, Dr Herbert Wigwe, described Botswana’s banking and finance sector as one of the continent’s most stable markets.
“It adheres to international financial policies and banking supervision standards. It has made great strides over the years, with so much more potentials to be unlocked,” said Wigwe.
Wigwe stressed they would leverage Access Bank Plc’s operating model, centralising the Information Technology (IT) infrastructure to drive synergies, focusing on products that are critical and relevant to the Botswana market.
The Group MD emphasised that the bank is committed to supporting and contributing to the growth of the local economy.
“We are aware how access to credit and capital remains one of the biggest concerns for businesses, women, and youth.”
Through the acquisition, Wigwe said depositors will be able to access more products and services through a best-inclass digital platform and a branch network spanning most parts of the country.
“Employees of the combined group will have greater professional development opportunities in a larger, panAfrican bank and be able to offer more products and services to meet their customers’ needs,” he noted.
With the regulatory approvals now concluded, the company says it is now working on a rebranding strategy to become Access Bank Botswana and the process is expected to be completed in the fourth quarter of this year.