Access Bank Lists On Stock Exchange
Pauline Dikuelo | Tuesday October 12, 2021 06:00
This was after the major Nigerian financier, Access Bank completed its acquisition of BancABC, snapping up the 78% equity held by ABC Holdings. Atlas Mara, the controlling shareholder in ABC Holdings, said the offer for the 78% represented 1.13 times the book value of the stake in BancABC Botswana. Earlier in March, Bank of Botswana Board concluded that Access Bank has met the licensing and prudential requirements to be licenced as a bank in Botswana hence the approval of the acquisition of 78.15% of ABCH shares in BancABC in March 2021.
Presenting during the listing recently, BancABC Botswana Managing Director Kgotso Bannabotlhe said they have now met all the conditions relating to the Access Bank transaction and are one step closer to publicly transitioning to Access Bank Botswana. He said the transaction not only represents an opportunity for BancABC Botswana to be part of one of the largest banking groups in Africa, but also ensures they pursue sustainable growth, whilst serving and supporting customers during this challenging time they continue to make a meaningful contribution to Botswana’s economic development. “We strongly believe that the rebrand to Access Bank Botswana will not only enhance our customers' banking experience through progressive banking solutions but it will also contribute to the overall economic prosperity of Botswana,” he said.
The rebrand will unlock the opportunity to deliver holistic banking solutions to our clients given Access Bank’s robust digital capabilities, innovative product offering, and trade finance and international banking, given the group's footprint across various African markets. On his part, the Access Bank Group managing director Herbert Wigwe, said since the initial investment, BancABC has achieved a great deal in digital adoption and high-quality retail operation. He said Access Bank Botswana is committed to supporting and contributing to the growth of the country’s economy. “We are aware how access to credit and capital remains one of the biggest concerns for businesses, women and youth.
Access Bank Botswana is committed to supporting economic prosperity, intra-Africa and inter-Africa trade and providing the financial tools for people to achieve their dreams,” he said. In addition, he said the transaction will connect the African banking network that builds on Access Bank’s existing foundation and enhances its value proportion to stakeholders including customers and employees.