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Access Bank acquires majority stake in Botswana lender

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Uncertainty trails Access Bank acquisition of Diamond Bank

Access Bank Plc has acquired a majority stake in African Banking Corporation of Botswana Limited (‘BancABC Botswana’).

In a statement signed on Tuesday by its Corporate Secretary, Sunday Ekwochi, Access Bank revealed that it now has the controlling share of 78.15 percent in the Botswana bank.

The acquisition of BancABC Botswana was the Nigerian lender’s fourth in 2021.

Access Bank completed the acquisition of Grobank of South Africa in May.

The bank had also acquired Cavmont Bank of Zambia and BancABC Mozambique.

READ ALSO: Access bank records N97.5bn six-month profit

BancABC Botswana is a retail-focused commercial banking institution listed on the Botswana Stock Exchange.

It is the fifth-largest bank in the South African nation.

Ekwochi said the new acquisition would form part of Access Bank’s nexus for trade and payments in Southern Africa and the broader Common Market for Eastern and Southern Africa (COMESA) trade region.

He added that BancABC’s achievements in the retail banking space would provide an opportunity for Access Bank to deploy its best-in-class digital platforms and product suites to Botswana’s customers and enable it to compete strongly across its core business segments.

Speaking on the transaction, the Group Managing Director of Access Bank, Herbert Wigwe, said: “We are pleased with the successful conclusion of this transaction which will 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.”

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