Access Bank Goes To Botswana
Access Bank Nigeria is acquiring a big stake in a bank in Botswana: African Banking Corporation. Largely, the bank which is Africa's largest bank by customer base is pushing to be ready for AfCFTA, the African trade agreement, which is expected to unlock new opportunities in markets. This new deal follows other deals across the continent where it has picked banking properties.
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.
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.