Herbert Wigwe
Access Bank Plc has intensified its cross-border expansion in order to take advantage of opportunities in the African Continental Free Trade Area, which has been described as a potential game-changer for the continent, writes Obinna Chima
Inline with its expansion drive, Access Bank Plc last week entered into a definitive and binding agreement with ABC Holdings Limited to acquire 78.15 per cent shareholding in the African Banking Corporation of Botswana Limited (BancABC Botswana).
The transaction, which is subject to regulatory approvals and customary conditions precedent, is expected to close before the end of this quarter.
ABC Holdings is a subsidiary of London Stock Exchange listed group â Atlas Mara Limited.
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Atlas Mara Limited, ABC Holdings Limited and Access Bank Plc sign share purchase agreement for the acquisition of BancABC
21st April 2021
Gaborone 19 April 2021 – Atlas Mara Limited (“Atlas Mara”), ABC Holdings Limited (“ABCH”) and Access Bank Plc (“Access Bank”) announced that they have entered into 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 customary conditions precedent including certain regulatory requirements by the Bank of Botswana and consents from other relevant authorities and certain counterparties.
By Obinna Chima
Access Bank Plc on Monday disclosed that it had entered into a definitive and binding agreement with ABC Holdings Limited to acquire 78.15 per cent shareholding in African Banking Corporation of Botswana Limited (BancABC Botswana).
The transaction, which is subject to regulatory approvals and customary conditions precedent, is expected to close before the end of this quarter.
ABC Holdings is a subsidiary of London Stock Exchange listed group – Atlas Mara Limited.
Access Bank disclosed this in a statement signed by its Company Secretary, Sunday Ekwochi.
Bostwana is renowned for its quality sovereign credit rating and stability. Access Bank’s market entry is expected to further solidify its strategy as, “a strong banking partner in key verticals across retail and corporate banking, including especially supporting trade in payments across southern Africa and Sub-Saharan Africa more broadly.”