TUE 12 OCT, 2021-theGBJournal-Access Bank Plc, Nigeria’s biggest lender, Tuesday completed the purchase of 78.15% stake in African Banking Corporation of Botswana (BancABC), Botswana’s fifth largest bank and a subsidiary of Atlas Mara Limited, sub-Saharan African financial services group.
Access Bank first announced in April that it was buying the bank for an undisclosed cash sum of about 1.13 times book value as well as a two-year deferred payment.
The Bank said today that, the new acquisition will form part of its nexus for trade and payments in Southern Africa and the broader COMESA region.
Dr Herbert Wigwe, GMD/CEO of Access Bank who expressed satisfaction with the completion of the deal, said the transaction 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 segment of BancABC Botswana,’’ he said, adding that the combination is another step towards the Banks broader vision of becoming the World’s Most Respected African Bank.
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