A month after acquiring a South African bank, Access Bank announced on Monday that it has agreed to buy a majority stake in the African Banking Corporation of Botswana for cash.
To combat stagflation at home and dollar shortages that have frustrated companies, Access Bank is expanding across Africa. Atlas Mara said in a statement that the lender would buy just over 78 percent of BancABC Botswana for cash at about 1.13 times book value and a two-year deferred payment totaling an undisclosed amount.
Atlas Mara now has a presence in ten African countries thanks to its new acquisition from ABC Holdings, the local subsidiary of the London-listed Atlas Mara. By the end of the second quarter, the transaction is expected to close.
“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.