Access Bank Plc announced the acquisition of 78.15 percent stake in African Banking Corporation of Botswana Limited.
In a statement issued to the Nigerian Exchange Limited and the investing public signed by its Secretary General, Sunday Ekwochi, the bank said the acquisition would be part of the bank’s focal point for trade and payments in southern Africa and in the largest Common Market in the East and the South. Africa region.
According to Access, BankABC is Botswana‘s fifth-largest bank with sustainable capitalization and franchise to drive growth in its local market. The acquisition would provide Access with the opportunity to deploy its digital platforms and product suites to the benefit of BankABC Botswana customers and enable it to compete effectively in its core business segments.
Group Managing Director and Chief Executive Officer of Access Bank, Dr Herbert Wigwe, said the acquisition would provide significant synergies through the combination of BankABC Botswana’s âstrong retail banking operationsâ with the capabilities of Wholesale bank of Access Bank.
âIt will also enhance the quality of earnings through income diversification and growth of corporate and SME banking segments for BankABC Botswana,â he said.
Wigwe added that the merger would allow Access to go even further in its banking and corporate objectives.