Nigeria Business Information
No Result
View All Result
Thursday, June 30, 2022
  • Login
  • Register
  • Home
  • Tenders
  • Auction
  • News
  • Grant
  • Subscription
Subscribe
Nigeria Business Information
  • Home
  • Tenders
  • Auction
  • News
  • Grant
  • Subscription
No Result
View All Result
Nigeria Business Information
No Result
View All Result
Home Nigeria News

Access Bank Affirms Negotiation with Atlas Mara To Take Over BancABC

by Temitope O.
April 19, 2021
in Nigeria News
Access Bank_ Bancabc

Access Bank Plc has confirmed that it has entered into a definitive and binding agreement with ABC Holdings Limited, a subsidiary of Atlas Mara Limited, to acquire a 78.15% shareholding in BancABC Botswana (Formerly known as African Banking Corporation of Botswana Limited).

According to a disclosure signed by the company’s secretary, Sunday Ekwochi, the transaction which is subject to pre-requisite regulatory approvals is expected to be sealed before the end of the second quarter of 2021 (Q2,2021).

In December 2020, a renowned global finance website, Bloomberg had earlier broken the news of a possible deal between the aforementioned firms, after a tip-off by some insider sources who pleaded anonymous. According to Bloomberg sources, if successful, the deal would mark the second transaction between Atlas Mara and Access Bank, after the latter had agreed to buy the former’s Mozambique unit at the end of September.

The recent announcement is a boost to Access Bank’s quest to expand its operations across the African continent. The Bank had earlier revealed its plans to be present in 22 African countries over the next five years. This goal has been the major driver in its recent acquisitions and merger including but not limited to its Cavmont (Zambia) and Grobank (South Africa) deals.

READ: LASG Partner Access Bank To Provide N2bn Funding For Women Entrepreneurs

RelatedPosts

Access Bank announces merger with Atlas Mara Zambia

Access Bank to support 40 startups in the next 4 years

Access Bank successfully launches milestone $500m Senior Eurobond

Confirming the BancABC talks, the GMD/CEO of 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.

‘’The establishment of Access Bank through this acquisition in the Republic of Botswana will position the Bank to deliver a more complete set of banking solutions to its clients active in and across the SADC and COMESA regions. This transaction complements our recent strategic growth acquisitions in South Africa, Zambia and Mozambique.

‘’We are building a bank of the future that Africans across Africa and the world will be proud of, and look forward to welcoming employees, customers and other stakeholders of BancABC Botswana to Access Bank.’’

Naijabusiness.com.ng gathered that the decision to sell BancABC might be connected to the recent financial difficulties the bank is facing especially with respect to the principal holders of its $81million convertible bond originally due for settlement in December 2020. BancABC Botswana is the fifth largest bank in Bostwana. It was formed in 1997 through a merger of First Merchant Bank and Heritage Investment Bank. Atlas Mara bought the bank in 2014 for $265 million.

TOOLKIT: Are You New to Tenders/Contract Bidding and Require Assistance? CLICK HERE

Tags: Access Bank
ShareTweetShare

POPULAR

  • Catholic Relief Services (Crs)

    Catholic Relief Services (CRS)- Invitation To Tender For The Supply Of Goods And Services

    0 shares
    Share 0 Tweet 0
  • International Organization For Migration (IOM)-Request For Quotation For The Supply Of Of CGI, Cap Nails And Ridge Caps

    0 shares
    Share 0 Tweet 0
  • How to Check for your Individual TIN (Tax Identification Number) Online

    0 shares
    Share 0 Tweet 0
  • Download List of NGO/Government Tenders with June 2022 Deadlines

    0 shares
    Share 0 Tweet 0
  • Achieving Health Nigeria Initiative (AHNi)- Request For Quotation For Supply Of Medical Laboratory And PWIDs Consumables

    0 shares
    Share 0 Tweet 0

Copyright © 2021. All Right Reserved Nigeria Business Information

No Result
View All Result
  • Home
  • Tenders
  • Auction
  • News
  • Grant
  • Subscription

Copyright © 2021. All Right Reserved Nigeria Business Information

Welcome Back!

Login to your account below

Forgotten Password? Sign Up

Create New Account!

Fill the forms below to register

All fields are required. Log In

Retrieve your password

Please enter your username or email address to reset your password.

Log In

instagram volgers kopen volgers kopen buy windows 10 pro buy windows 11 pro

This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy and Cookie Policy.