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