In line with its vision of becoming ‘world’s most respected African Bank’, Access Bank Plc has completed acquisition of the majority equity stake in Botswana’s fifth largest bank, African Banking Corporation of Botswana (BancABC Botswana) Limited.
In a regulatory filing at the Nigerian Exchange (NGX), Access Bank stated that it has completed acquisition of 78.15 per cent in BancABC Botswana.
BancABC Botswana, a well-capitalised bank poised for growth, is expected to form part of Access Bank’s nexus for trade and payments in Southern Africa and broader COMESA trade region.
Access Bank stated that BancABC Botswana’s achievements in retail banking space will provide an opportunity for it to deploy its best-in-class digital platforms and product suites to the Botswana market.
According to the Access Bank, the acquisition would enable BancABC Botswana to compete better in its core business segments.
Group Managing Director, Access Bank Plc, Dr. Herbert Wigwe said the successful completion of the acquisition would provide significant synergies by combining BancABC 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’s Most Respected African Bank,” Wigwe said.
Wigwe had recently noted that over the last few months, the banking group had successfully completed acquisitions in South Africa, Mozambique, and Zambia, emphasising its footprint in key markets around the globe.
“We will continue to grow our presence in geographies with significant growth potential, especially where they support our global customers. As we become Africa’s Gateway to the World, we would also seek markets which support our trade and payments aspirations and the African Free Trade Agreement,” Wigwe said.
According to him, to further enhance its operating efficiency and ensure strong returns on invested capital, the bank would bring the best of group assets, specifically digital banking capabilities that support individuals and businesses, enhance financial inclusion, and deliver the benefits of a strong network effect across its enlarged group.
“Throughout the pandemic, we have been able to demonstrate our ability and willingness to support our customers, our communities, and our colleagues. As the outlook improves, and as business returns to a new normal, we will continue to support our communities in order to stimulate growth and create new opportunities,’’ he said.
To accomplish our vision to be the World’s Most Respected African Bank, we are working together across the group on the back of our robust balance sheet, increased retail momentum and efficiency,” Wigwe said.
(Nation)
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