Access Bank Plc, which last month cut a $60 million deal to acquire the controlling stake in Grobank of South Africa, will look to firm up its presence in the region as its acquisition of Botswana’s African Banking Corporation (BancABC Botswana) is now in the bag.
Access Bank acquires third bank in eight months, takes over South Africa’s Grobank.
The lender hopes to muster 30 per cent of profit for this year from outside its base Nigeria, and break into eight countries in Africa, from Morocco to Angola, that have been marked down as markets of significant promise.
BancABC Botswana is the fifth largest Bank in Botswana.
A definitive agreement is in place for Access Bank to acquire more than 78 per cent of the Botswana bank shares, held by Atlas Mara, a financial services group based in British Virgin Islands, in a transaction to be completed by June, Nigeria’s biggest bank by asset told the Nigerian Exchange Limited Monday. Atlas Mara owns the biggest stake in Union Bank of Nigeria Plc.
