Access Bank Plc. has announced the acquisition of a majority stake in BancABC Botswana, a memo from the bank discloses.
BancABC Botswana is ranked as the fifth “largest bank in Botswana”, according to the memo.
This acquisition would ensure the expansion of Access Bank’s presence in Africa, with a presence across ten countries on the continent.
On the acquisition, the Chief Executive Officer (CEO) of Access Bank, Herbert Wigwe, said, “We remain committed to a focused and deliberate expansion disciplined and thoughtful expansion strategy in Africa, which we believe will create strong, sustainable returns for our shareholders and stakeholders at-large over the medium and long term.
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“The establishment of Access Bank through this acquisition in the Republic of Botswana will position the Bank to deliver a more complete set of banking solutions to its clients active in and across the SADC and COMESA regions.”
Recently, the bank received approval from local and South African regulators to acquire Grobank Limited based in South Africa.
Wigwe said of the acquisition, “Our presence in South Africa will no doubt accelerate the attainment of our goal of delivering our More than Banking promise to 100 million unique customers across the continent, it will also build our existing foundation and deliver enhanced value to our shareholders, employees and other stakeholders.”
