Breaking News

Access Bank Set To Acquire Botswana’s Fifth Largest Bank

Ebuka Daniel

Access Bank Plc is in talks to seal a deal with former Barclays Plc Chief Executive Officer, Bob Diamond, to buy Atlas Mara’s stake in African Banking Corporation Botswana.

Last year Access also sealed a deal to buy Atlas Mara shares in African Banking Corporation of Mozambique.

In the new deal which will be completed in June, Access will acquire more than 78.15 per cent of the bank shares, held by Atlas Mara  for cash of around 1.13 times book value and a two-year deferred payment.

Access bank which operates in 12 countries said the acquisition would solidify its retail banking presence across Africa.

The Bank in March sealed a $60m deal to acquire the controlling share in Grobank of South Africa.

Access Bank said, “BancABC Botswana is the fifth largest Bank in Botswana and is a very well-capitalised banking institution poised for growth and success in its local market.

“The bank has been perennially profitable, given an existing high-quality retail loan book with opportunities and scope for diversification and further expansion into corporate and SME lending.”

Herbert Wigwe, the Group Managing Director, said the establishment of Access Bank through the acquisition would position the bank to deliver a more complete set of banking solutions to its clients active in across the Southern African Development Community and the Common Market for Eastern and Southern Africa.

About Editor

Check Also

CBN automates non-commercial exports form for dealers

The Central Bank of Nigeria said that it had automated the Non-Commercial Exports form for …

Leave a Reply