Access Bank completes BancABC Botswana acquisition

Access Bank has completed the acquisition of a 78.15% shareholding in African Banking Corporation of Botswana Limited (’BancABC Botswana’).

In a release signed by the bank’s Company Secretary, Sunday Ekwochi, it stated that the new acquisition will form part of the bank’s nexus for trade and payments in Southern Africa and the broader COMESA trade region.

Access Bank had on April 19, 2021, announced that the acquisition of BancABC Botswana, the country’s fifth-largest commercial lender.

“BancABC Botswana’s achievements in the retail banking space will provide an opportunity for the Bank to deploy its best-in-class digital platforms and product suites to the benefit of BancABC Botswana’s customers and enable it to compete strongly across its core business segments,” the released said in part.

Commenting on the transaction, Dr Herbert Wigwe, GMD/CEO of the Bank 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.”