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Home»Business»BANKING»Access Bank To Buy BancABC Botswana
BANKING

Access Bank To Buy BancABC Botswana

DigitalTimesNGBy DigitalTimesNG20 April 2021No Comments3 Mins Read
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Access Bank, Nigeria’s largest lender, has agreed to buy a majority stake in African Banking Corporation of Botswana for cash, just a month after buying South African Grobank in a $60m deal, according to a memo released on Monday.

Atlas Mara said in a statement on Monday that the Nigerian bank would buy just over 78% of BancABC Botswana for an undisclosed cash amount of about 1.13 times the book value plus a two-year deferred payment.

Access Bank now has a presence in ten African countries thanks to the agreement with ABC Holdings, a local subsidiary of Atlas Mara, a London-listed company that owns the largest share in Union Bank of Nigeria.

The deal is expected to be completed by the end of the second quarter.

“BancABC Botswana is the fifth-largest bank in Botswana and is a very well-capitalised banking institution poised for growth and success in its local market,” Access Bank said.

“The bank has been perennially profitable, given an existing high-quality retail loan book with opportunities and scope for diversification and further expansion into corporate and SME lending.

“We remain committed to a focused and deliberate expansion strategy in Africa, which we believe will generate solid, long-term returns,” the bank said.BANCABC

Herbert Wigwe, Access Bank Group Managing Director said, “The establishment of Access Bank through this acquisition in the Republic of Botswana will position the bank to deliver a more complete set of banking solutions to its clients active in across the SADC and COMESA regions.”

Access Bank said BancABC is Botswana’s fifth-largest bank, with a strong retail loan portfolio and plans to expand into corporate and small-to-medium-sized business lending.

For some time now, Nigerian lenders have been looking for new ways to increase profits in the face of slowing domestic inflation, falling government bond yields, and an increase in restructured loans as a result of the COVID-19 pandemic.

Analysts say stagflation and dollar shortages in Nigeria have frustrated industries and shrunk the lending sector, prompting Access Bank to extend across the African continent.

Access Bank paid $60 million for a majority stake in South Africa’s Grobank in March, making it the first Nigerian bank to enter the country. It has also recently signed agreements in Zambia and Mozambique.

Access Bank is restructuring into a holding firm to drive its international growth with more than $16 billion in reserves and an emphasis on corporate and retail banking.

 

#BancABC #Botswana #Wigwe Access Bank Featured Nigeria
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