Business

Access Bank finalise l’acquisition d’African Banking Corporation of Botswana

Access Bank Plc announced on Tuesday, October 12, that it had completed the acquisition of a majority stake of approximately 78.15% in African Banking Corporation of Botswana Limited (“BancABC Botswana”), nearly 7 months (last April) after having started negotiations.

The amount of the transaction was not disclosed, but it is approximately 1.13 times the book value plus a two-year deferred payment.

The deal will give Access Bank the opportunity to leverage BancABC’s strong retail banking space to deliver products that would benefit its local markers and allow it to compete in key business segments.

“We are delighted with the successful conclusion of this transaction which will provide significant synergies by combining the strong retail banking business of BancABC Botswana with the wholesale banking capabilities of Access Bank” said Dr Herbert Wigwe, CEO of Access Bank Plc.

With the conclusion of the agreement, Access Bank is now present in ten African countries, following similar acquisitions in financial institutions domiciled in Zambia, South Africa, and Mozambique, among others.

As a reminder, Access Bank is a leading full-service commercial bank. The Lagos-listed bank operates through a network of more than 600 branches and service points, spanning three continents.

Related Articles

Leave a Reply

Your email address will not be published. Required fields are marked *

Back to top button