New retail operations chalk up BancABC income

BancABC has been a merchant bank until late last year when it opened its first retail outlet in Zimbabwe. Speaking at the unveiling of the group's financial results for the year ended 31 December 2009 in Gaborone on Wednesday, Group CEO Douglas Munatsi said the first Botswana retail outlet would be opened in the early part of the second quarter at The Square Mart at the new CBD while the second branch would be located at the new BancABC head office at Fairgrounds.

Munatsi said BancABC, which operates in five SADC countries, should have 10 retail branches across the region by the end of June and that VISA accreditation had already been acquired for Botswana, Mozambique and Tanzania.