Access Bank Plc has completed the 78.15 per cent acquisition of African Banking Corporation, Botswana Limited ( Banc ABC Botswana)
Access Bank began the acquisition process April 19, which it has now completed, almost six months after.
Sunday Ekwochi, the Company Secretary said BancABC Botswana is the fifth largest bank in the country and is a well capitalised franchise poised for growth in the local market.
The new acquisition will form part of the Bank’s nexus for trade and payments in Southern Africa and the broader COMESA trade region.
BancABC’s achievement in the retail banking space will provide an opportunity for the bank to deploy it’s best-in-class digital platforms and product suites to the benefit of BankABC Botwana’s customers and enable it to compete strongly across its core business segments.
Herbert Wigwe, the GMD Access Bank started that the bank is pleased with the successful conclusion of the transaction that will provide significant synergies by combining BankABC 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 SME banking segments for BancABC Botswana. The combination is another step towards our broader vision of becoming the World’ most respected African bank.
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