London firm to buy BancABC for P2.3bn

Thursday, April 03, 2014

Thakkar (left), Munatsi (center) and Diamond at a press briefing held in Gaborone this week. PIC KEBOFHE MATHE

London Atlas Mara has agreed to buy ABC Holdings and its major shareholder African Development Corporation (ADC) for as much as $265 million (P2.3 billion).

ABC Holdings, which is listed in the Botswana Stock Exchange (BSE) through its operating brand BancABC, offers financial services in Botswana, Mozambique, Tanzania, Zambia and Zimbabwe.

ADC, a London Stock Exchange (LSE) listed operation trading in Frankfurt, owns 47.1 percent of BancABC and 9.1 percent of Union Bank of Nigeria.

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