Nigeria’s biggest lender by customer base, Access Bank Plc says it has entered into a definitive and binding agreement with ABC Holdings regarding a proposed acquisition of African Corporation of Botswana (BancABC Botswana).
This was announced in a statement signed by Sunday Ekwochi, Access Bank’s company secretary, on Monday.
The ABC Holdings is a subsidiary of Atlas Mara Limited, a financial services group.
In December 2020, Access Bank said it was in talks to acquire some assets in Botswana, Zimbabwe and Zambia belonging to Atlas Mara, in order to expand its reach in Africa.
Access Bank will acquire 78.15 per cent of the issued share capital of BancABC Botswana, the statement said. The transaction is expected to conclude in the first half of 2021, however, it is subject to the fulfilment of various customary conditions precedent including certain regulatory requirements by the Bank of Botswana and consents from other relevant authorities and certain counterparties.
Commenting on the transaction, Herbert Wigwe, Access Bank’s managing director/ chief executive, said the acquisition would position the bank to deliver a more complete set of banking solutions to its clients active in and across the Southern African Development Community (SADC) and Common Market for Eastern and Southern Africa (COMESA) regions.