Nigerian enterprise plans to take BancABC to the top
Having recently acquired a 78.15 percent stake in BancABC, Nigerian-based Access Bank has big plans for the local institution.
The West African outfit intends to turn BancABC into one of the top three biggest commercial banks in Botswana – currently, ABC is ranked 5th largest of the country’s ten registered banks.
The ambitious target was revealed by Access Bank’s Managing Director, Herbert Wigwe during a recent briefing where he laid down his company’s plans for its new acquisition.
Outlining his bold strategy, Wigwe revealed as well as catapulting BancABC to the very top, the grand plan is ultimately to make Botswana the hub of Southern Africa.
He explained Access was attracted to Botswana by various factors, including quality sovereign rating and low corruption.
“We plan to position Botswana as a centre of excellence for retail banking services across Access Bank’s Africa network in a manner that leverages technology and know-how to support key initiatives across the entire platform,” he highlighted.
Wigwe also noted they aim to create a structure that is regional-friendly and enables collaboration within Southern Africa.
The Nigerian enterprise will waste little time in setting out to accomplish these goals, hoping to have achieved them by the end of the year.
In terms of product set and offerings, Wigwe said the bank will focus on products critical and relevant to the local market, leveraging the skill set and expertise of a strong local management team.
Regarding how they will help transform BancABC, Wigwe said Access will provide capital, liquidity, and funding to enable accelerated but disciplined balance sheet growth to leverage balance sheet and drive Return on Equity (RoE).
“Access Bank will incubate capacity to support regional initiatives and further encourage cross-posting across subsidiaries to promote culture cross-pollination and also develop industry focus to support and promote the Botswana economy e.g. green energy, sustainable mining,” said Wigwe.
Meanwhile, BancABC Botswana Managing Director, Kgotso Bannalotlhe said they were excited by the acquisition.
Bannalotlhe pointed out the new relationship will allow locals to leverage Access Bank’s footprint and give them an opportunity to work outside the country.