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.
