By Adedapo Adesanya
Access Bank Plc has finalised the acquisition of 78.15 per cent shareholding in the African Banking Corporation of Botswana, otherwise known as BancABC Botswana.
The acquisition announced on Tuesday, October 12, is part of Access Bank’s strategic ambition to position itself as Africa’s financial gateway to the world.
This adds to the Lagos-based financial institution’s recent acquisition after it acquired a number of other regional banks, including Kenya’s Transnational Bank and South Africa’s Growbank.
According to the Chief Executive Officer, Access Bank, Mr Herbert Wigwe, “We are pleased with the successful conclusion of this transaction which will provide significant synergies by combing BancABC Botswana’s strong retail banking operation with Access Bank’s wholesome 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’s most respected African bank,” he added.
Business Post understands that BancABC is currently the fifth-largest bank in Botswana, meaning more valuation for the Nigerian lender.
Prior to the acquisition, it was well-capitalised and poised for growth and now, BancABC will be further positioned to be able to provide improved trade and payments solutions in the Botswanan market.
In the same vein, Access Bank hopes to take advantage of BancABC’s established track record to push its digital banking platforms and product suites to bank customers in the Southern African country.
