Nearly 7 months (last April) after starting negotiations, Access Bank Plc announced on Tuesday 12 October that it had finalized the acquisition of a majority stake of approximately 78.15% in African Banking Corporation of Botswana Limited (“BancABC Botswana”).

The deal will give Access Bank the opportunity to leverage BancABC's strong retail banking space to deliver products that would benefit its local markers and enable it to compete in key business segments. The amount of the transaction was not disclosed, but it represents approximately 1.13 times book value plus a two-year deferred payment. With the conclusion of the agreement, Access Bank now has a presence in ten African countries, following similar acquisitions in financial institutions domiciled in Zambia, South Africa, and Mozambique, among others.