Monday, April 19, 2021 / 01:10PM / NGX Group / Header Image Credit: Ecographics
Access Bank Plc ("Access Bank" or "the Bank") announces today that it has entered into a definitive and binding agreement with ABC Holdings Limited ("ABC Holdings"), a subsidiary of the London Stock Exchange listed group - Atlas Mara Limited ("Atlas Mara") to acquire a 78.15% shareholding in African Banking Corporation of Botswana Limited ("BancABC Botswana").
Botswana is renowned for its quality sovereign credit rating and stability, and Access Bank's market entry will enable it 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.
BancABC Botswana is the fifth-largest bank in Botswana and is a very well-capitalised banking institution poised for growth and success in its local market. The bank has been perennially profitable, given an existing high-quality retail loan book with opportunities and scope for diversification and further expansion into corporate and SME lending.
Botswana's achievements in digital banking adoption also provide an Opportunity for Access Bank to optimize its best-in-class digital platforms and product suites to the benefit of BancABC Botswana's customers.
Speaking on today's announcement Herbert Wigwe, GMD/CEO Access Bank 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.
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