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Nigerian bank to acquire a major stake in BancABC

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BancABC has today announced that a Nigerian commercial bank, Access Bank is set to acquire 78.15 percent in BancABC Botswana.

This follows a purchase agreement into Atlas Mara, ABC Holdings, and Access Bank, which is one of the leading Nigerian banks.

In a statement released today, BancABC said it is hoped the transition will be concluded 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.

BancABC Botswana Managing Director, Kgotso Bannalotlhe, said the transaction presents an opportunity for BancABC to be part of one of the largest banking groups in Africa and benefit from Access Bank’s strong corporate banking franchise among others.

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“I want to assure our clients that the safety of their accounts, the stability of banking operations, and high-quality customer service will remain our top priorities during the transition,” said Bannalotlhe.

Michael Wilkerson, Executive Chairman of Atlas Mara, said, “BancABC Botswana has achieved a great deal since Atlas Mara’s initial investment, including in digital adoption and in growing a high-quality retail operation.”

He said management has shown strong resilience and further innovation during the pandemic-related economic slowdown of 2020.

By combining with Access Bank’s infrastructure, including its digital offerings and its corporate and SME capabilities, Wilkerson said the bank will be well-positioned to continue the positive trajectory and succeed in the macroeconomic recovery to come.

Meanwhile, Access Bank Chief Executive Officer (CEO), Herbert Wigwe said the transaction will position Access Bank to deliver a more set of banking solutions to its clients active in and across the SADC and COMESA regions.

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