Complementary transaction that combines Access Bank's wholesale finance capabilities with BancABC Botswana's strong retail banking operations
Gaborone - Atlas Mara Limited ('Atlas Mara'), ABC Holdings Limited ('ABCH') and Access Bank Plc ('Access Bank') announce that they have signed a definitive agreement regarding a proposed acquisition of 78.15% of the issued share capital of African Banking Corporation of Botswana Limited ('BancABC Botswana') by Access Bank. The transaction is expected to conclude in the first half of 2021, subject to the fulfillment of various conditions precedent including regulatory approvals by the Bank of Botswana.
Key highlights include:
A complementary transaction that combines BancABC Botswana's strong retail banking operation with Access Bank's wholesale banking capabilities, providing significant scope for revenue diversification and growth in the corporate and SME banking segment.
BancABC Botswana's customers to benefit from best-in-class digital platforms and product suites, leveraging Access Bank's group IT infrastructure.
Commenting on the transaction, BancABC Botswana Managing Director Mr. Kgotso Bannalotlhe, said: 'We are delighted to have Access Bank on board as a shareholder and strategic partner as we continue to execute on our medium-term growth objectives. This transaction represents an opportunity for BancABC Botswana to be part of one of the largest banking groups in Africa and benefit from Access Bank's strong corporate banking franchise, digital banking capabilities, and innovative product offering, as well as trade finance and international banking that leverage Access Bank's footprint across Southern Africa and the SSA region more broadly.
'I want to assure our clients that the safety of their accounts, the stability of banking operations, and high-quality customer service will remain our top priorities during the transition. We are grateful for the trust of our customers, who can look forward to new products and services as the bank pursues sustainable growth. Our mission, to serve and support our customers during this challenging time and continue to contribute much more meaningfully to economic development of the country, will benefit greatly from this transaction.'
About BancABC Botswana
BancABC Botswana (BSE: ABC) is a retail focused bank commercial banking institution listed on the Botswana Stock Exchange. It commenced operational as a commercial bank in 2009 and has since grown to become a top 5 bank in Botswana. The bank offers various products and services to over 60,000 customers including personal banking, business and wholesale banking through its network of 8 branches and 13 ATM's in 5 cities across the country
About Atlas Mara Limited
Atlas Mara Limited (LON: ATMA) is a financial institution listed on the London Stock Exchange. Atlas Mara aims to be a positive disruptive force in the markets in which we operate by leveraging technology to provide innovative and differentiated product offerings, deliver excellent customer service and accelerate financial inclusion. For more information, visit www.atlasmara.com.
About Access bank
Access Bank Plc (NSE: ACCESS) is a leading full-service commercial bank operating through a network of more than 600 branches and service outlets, spanning three continents, 12 countries and 36 million customers. The Bank employs 28,000 thousand people in its operations in Nigeria, Sub-Saharan Africa and the United Kingdom, with representative offices in China, Lebanon, India and the UAE. Listed on the Nigerian Stock Exchange since 1998, Access Bank is a diversified financial institution which combines a strong retail customer franchise and digital platform with deep corporate banking expertise and proven risk management and capital management capabilities. The Bank services its various markets through five business segments: Personal, Business, Operations and IT, Commercial and Corporate & Investment Banking. The Bank has over 800,000 shareholders, including several Nigerian and International Institutional Investors, and has enjoyed what is arguably Africa's most successful banking growth trajectory in the last 18 years. Following its merger with Diamond Bank in March 2019, Access Bank became one of Africa's largest retail banks. As part of its continued growth strategy, Access Bank is focused on mainstreaming sustainable business practices into its operations. The Bank strives to deliver sustainable economic growth that is profitable, environmentally responsible and socially relevant, helping customers to access more and achieve their dreams. For further information, please visit https://www.accessbankplc.com/