Access Bank buys 78.15% stake in Botswana’s 5th largest bank

Access Bank Plc has announced the acquisition of 78.15 per cent stake in the African Banking Corporation of Botswana Limited, TopNaija can confirm.

In a statement released to the Nigerian Exchange Limited and investing public signed by its company secretary, Sunday Ekwochi, the bank said the acquisition would form part of the bank’s linkage point for trade and payments in Southern Africa and the larger Common Market for Eastern and Southern Africa region.

According to Access, BankABC is Botswana’s fifth-largest bank with sustainable capitalisation and franchise to aid its growth in its local market. The acquisition would provide an opportunity for Access to deploy its digital platforms and product suites to benefit BankABC Botswana’s customers and enable it compete effectively across its core business segments.

The Group Managing Director and Chief Executive Officer of Access Bank, Dr Herbert Wigwe, said that the acquisition would provide significant synergies through the combination of BankABC Botswana’s “strong retail banking operations” 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 BankABC Botswana,” he said.

Wigwe added that the combination would take Access a step further in its banking and corporate goals.

In line with its mission of expanding its reach within the African space, Access Bank, closed trading on 11th of October, 2021 with a share price of N9.45, in recent times had made significant entry into key markets in South Africa, Zambia, Mozambique, among others. The bank had announced the acquisition of substantial shareholdings in Grobank, Cavmont Bank, etc.