By Peter Egwuatu
Access Bank Plc has completed the acquisition of a majority stake of 78.15 percent in African Banking Corporation of Botswana Limited , BancABC Botswana.
The bank announced this in a statement signed by Sunday Ekwochi, the company secretary and released by the Nigerian Exchange Limited, NGX on Tuesday.
BancABC Botswana is a retail-focused commercial banking institution listed on the Botswana Stock Exchange.
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According to the statement, it is the fifth-largest bank in Botswana and is a well-capitalised franchise poised for growth in its local market.
Ekwochi said the new acquisition would form part of the bank’s nexus for trade and payments in southern Africa and the broader Common Market for Eastern and Southern Africa (COMESA) trade region.
He added that BancABC’s achievements in the retail banking space would provide an opportunity for Access Bank to deploy its best-in-class…
Source: Vanguard Newspaper