Access Bank to acquire 78% stake in Atlas Mara's African Banking Corporation

Access Bank has announced a plan to acquire another financial institution outside Nigeria as it holds a negotiation with Atlas Mara, the owner of the African Banking Corporation in Botswana. 

The Nigerian bank will take over 78% ownership in the fifth-largest lender in the landlocked country in Southern Africa. The acquisition is part of Access Bank's expansion strategy for the region.

It has been acquiring banks in Southern Africa from Zambia to South Africa, Mozambique and now Botswana. African Banking Corporation has agreed to the terms offered by Access Bank, and the deal will be concluded in the second quarter of 2021.

According to the Managing Director of the Nigerian lender, Herbert Wigwe, the Botswana bank has a quality retail book:

“We remain committed to a disciplined and thoughtful expansion strategy in Africa, which we believe will create strong and sustainable returns.

“BancABC is Botswana’s fifth-largest bank and has a quality retail book with the scope for expansion into corporate and small to medium-sized enterprise lending,” Wigwe said in a statement confirming the deal."

Other banks Access has acquired in the Southern African region includes Zambia-based Cavmont Bank Limited, South Africa's Grobank Limited, and Transnational Bank in Kenya.

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