Access Bank Plc’ has announced a fresh purchase of a majority shareholding right in a subsidiary of Atlas Mara, in its quest to emerge as the biggest financial institution on the continent
The lender’s acquisition of 78.15 percent shareholding in African Banking Corporation of Botswana Limited (BancABC Botswana, a subsidiary of Atlas Mara Limited, ABC Holdings Limited is coming barely three weeks after it got approval to buy South African bank, Gro bank Limited.
According to a statement by Access Bank on Monday, it has entered into a definite and binding agreement with
Atlas Mara Limited, ABC Holdings Limited for a 78.15 percent stake in BancABC Botswana.
The final ratification is subject to regulatory approvals and customary conditions precedent, adding that the transaction should be completed before the end of the second quarter of 2021.
Atlas Mara is the parent company of Union Bank of Nigeria Plc and is listed on the London Stock Exchange (LSE).
Managing Director, Access Bank Herbert Wigwe said, “We remain committed to a disciplined and thoughtful expansion strategy in Africa, which we believe will create strong, sustainable returns for our shareholders and stakeholders at large over the medium and long term, ”.