African Banking Corporation of Botswana (BancABC) has been acquired by Access Bank Plc, a Nigerian multinational commercial bank licenced by the Central Bank of Nigeria.
According to Herbert Wigwe, the Managing Director of Access Bank Group, Bank ABC has provided a strong base to build upon in digital adoption and high-quality retail operation.
“We would leverage Access Bank Plc’s operating model, centralising the IT infrastructure to drive synergies, focusing on products that are critical and relevant to the Botswana market, and providing capital, liquidity and funding to enable accelerated but disciplined balance sheet growth to drive return on equity.”, said Wigwe.
For BankABC, or Access Bank Botswana, as the bank will be known henceforth, Managing Director Kgotso Bannalotlhe said the acquisition would “deliver holistic banking solutions, given Access Bank’s robust digital capabilities, innovative product offering, and trade finance and international banking.”
Bank of Botswana (BoB) governor Moses Pelaelo said that Access Bank Plc is active in the deployment of digital channels that promote financial inclusivity and enhanced access to payment platforms, funds transfers and remittances.
In the Botswana Stock Exchange (BSE), the P1,072,066,804.70 (One billion,seventy-two million, sixty-six thousand, eight hundred and four pula seventy thebe) turnover effected by the acquisition represented the highest turnover in a single day in the Exchange's history. The acquisition, which meant a transfer of strategic ownership and controlling interest of BankABC to Access Bank, saw the latter snap up the 78.15% singular majority shareholding from Atlas Mara, the controlling shareholder of, ABC Holdings, while the remaining 21.85% remains publicly held.
Access Bank is one of Nigeria's top 5 banking institutions with over 9.8 million unique mobile and internet banking users.