Access Bank announced on Monday that it has agreed to buy a majority stake in African Banking Corporation of Botswana for cash, few weeks after it acquired a South African bank.
Access Bank will acquire just over 78 per cent of BancABC Botswana for cash of around 1.13 times book value and a two-year deferred payment, amounting to an undisclosed sum, Atlas Mara said in a statement.
The latest acquisition from ABC Holdings, the local unit of London-listed Atlas Mara, brings its African presence to 10 countries. The deal is expected to close before the end of the second quarter, according to Reuters.
“We remain committed to a disciplined and thoughtful expansion strategy in Africa, which we believe will create strong, sustainable returns,” Group Chief Executive, Access, Herbert Wigwe said.
In March, Access Bank bought a controlling stake in South Africa’s Grobank for around $60m, becoming the first Nigerian lender to venture into South Africa. It has also struck recent deals in Zambia and Mozambique. BancABC is the fifth largest bank in the country.