In a notice signed by the Bank’s Secretary, Sunday Ekwochi, and filed with the Nigerian Exchange Limited, and is in accordance with the Bank’s commitment to extending its footprint on the African continent (NGX) it announces the acquisition of majority stake BancABC.
Report has it that in April of this year Access Bank has reached an agreement to buy a majority stake in BancABC.
According to rumors, Access Bank would buy the latter for an unknown cash sum equal to around 1.13 times book value plus a two-year delayed payment.
With the conclusion of the deal, Access Bank now has a presence in ten African countries, after similar acquisitions in financial institutions domiciled in Zambia, South Africa, Mozambique, among others.
According to the statement issued by the financial giant, BancABC Botswana is the fifth-largest bank in Botswana and is a well-capitalised franchise poised for growth in its local market.
The new acquisition will form part of the Bank’s nexus for trade and payments in Southern Africa and the broader COMESA trade region.
The deal will also afford Access Bank the opportunity to leverage on BancABC’s strong retail banking space to provide products that would benefit its local markers and enable it compete strongly across core business segments.
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