Access Bank Plc has completed the acquisition of a majority stake of 78.15 percent in African Banking Corporation of Botswana Limited , BancABC Botswana.
Sunday Ekwochi, the company secretary announced this in a statement released by the Nigerian Exchange Limited, NGX on Tuesday.
BancABC Botswana is a retail-focused commercial banking institution listed on the Botswana Stock Exchange.
According to Ekwochi, BancABC’s achievements in the retail banking space would provide an opportunity for Access Bank to deploy its best-in-class digital platforms and product suites to Botswana’s customers and enable it to compete strongly across its core business segments.
Herbert Wigwe, the group managing director of Access Bank, said: “We are pleased with the successful conclusion of this transaction which will provide significant synergies by combining BancABC Botswana’s strong retail banking operation with Access Bank’s wholesale banking capabilities.”
“It will also strengthen the quality of earnings through revenue diversification and growth in the corporate and SME banking segments for BancABC Botswana. The combination is another step towards our broader vision of becoming the World’s Most Respected African Bank”, he added.