Nigeria's Access Bank to buy Atlas Mara's stake in African Banking Corporation of Botswana
Nigeria's Access Bank, Atlas Mara and ABC Holdings (ABCH), have entered into a definitive agreement regarding a proposed acquisition of 78.15% of the issued share capital of African Banking Corporation of Botswana (BancABC Botswana), by Access Bank.
The transaction is expected to conclude in the first half of 2021, subject to the fulfillment of various customary conditions precedent including certain regulatory requirements by the Bank of Botswana and consents from other relevant authorities and certain counterparties.
Kgotso Bannalotlhe, Managing Director, BancABC Botswana : “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.”
Michael Wilkerson, Executive Chairman, Atlas Mara: “BancABC Botswana has achieved a great deal since Atlas Mara’s initial investment, including in digital adoption and in growing a high-quality retail operation. Management have shown strong resilience and further innovation during the pandemic-related economic slowdown of 2020, and we thank the team for their hard work. By combining with Access Bank’s infrastructure, including its digital offerings and its corporate and SME capabilities, the bank will be well positioned to continue the positive trajectory and succeed in the macroeconomic recovery to come.”
Herbert Wigwe, GMD/CEO Access Bank: “The establishment of Access Bank in the Republic of Botswana, one of Africa’s most stable and highest income countries, through the acquisition of BancABC Botswana, will position Access Bank to deliver a more complete set of banking solutions to its clients active in and across the SADC and COMESA regions. This transaction complements our recent strategic growth transactions in South Africa, Zambia and Mozambique. We are building a bank of the future that Africans across Africa and the world will be proud of and look forward to welcoming the employees, customers and other stakeholders of BancABC Botswana to Access Bank.”