Access Bank secures stake at BancABC Botswana

Nigerian multinational commercial bank, Access Bank has acquired a significant stake in Banc ABC Botswana.

The development follows a proposed share purchase deal of 78.15 percent of the issued share capital of Banc ABC Botswana by Access Bank.

According to a communique issued through the Botswana Stock Exchange (BSE), the transaction is expected to conclude in the first half of 2021.”This transaction represents an opportunity for Banc ABC Botswana to be part of one of the largest banking groups in Africa and benefit from Access Bank’s strong corporate banking franchise, digital banking capabilities, and innovative product offering, as well as trade finance and international banking that leverage Access Bank’s footprint across Southern Africa,” said Banc ABC Botswana Managing Director, Kgotso Bannalotlhe. Bannalotlhe further assured clients safety of accounts, the stability of banking operations, and that customer service will remain a top priority. Former majority shareholder of BancABC, Atlas Mara, said by combining with Access Bank’s infrastructure, including its digital offerings and its corporate and SME capabilities, the bank will be well positioned to continue the positive trajectory and succeed in the macroeconomic recovery to come. The deal is second transaction between Atlas Mara and Access Bank, after the Bank agreed to buy its Mozambique unit last year.