Nigeria’s Access Bank set to buy controlling stake in African Banking Corporation of Botswana

NIGERIA – Access Bank, Nigeria’s biggest lender, has agreed to buy a majority stake in African Banking Corporation of Botswana for cash, a month after acquiring a South African bank. The Nigerian bank will acquire just over 78% of BancABC Botswana for an undisclosed cash sum of around 1.13 times book value as well as a two-year deferred payment, Atlas Mara said in a statement. Access Bank is expanding across the African continent to counter stagflation and dollar shortages in Nigeria that have frustrated businesses, shrinking the lending market. The…

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Nigeria’s Access Bank receives approval to acquire South Africa’s Grobank Limited

NIGERIA – Access Bank, a multinational commercial bank, has received approval to acquire South African lender, Grobank Limited. The regulatory support will see the Nigerian bank purchase one of several financial institutions it plans to take over for the acquisition of new clients. The Herbert Wigwe-led bank plans to wrap up the deal with Grobank by the second quarter of this year, which falls between April to June. The cost of the acquisition is valued at US$26.72 million by GCR Ratings. South African and Nigerian regulatory authorities have approved the…

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Access Bank completes acquisition of Cavmont Bank Zambia

ZAMBIA – The management of Access Bank Plc has announced that its Zambian subsidiary has completed the acquisition of Cavmont Bank Limited. The bank said the acquisition followed the fulfilment of key conditions, including regulatory approvals. Access bank made this known in a disclosure notice sent to the Nigerian Stock Exchange (NSE). In July 2020, Access Bank in Nigeria announced plans by its Zambian subsidiary to acquire Cavmont Bank Limited, a subsidiary of Cavmont Capital. The bank said at the time that it had “entered into exclusive discussions” with Cavmont…

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Access Bank partners America express for the usage of American Express Cards in Nigeria

NIGERIA – Access Bank, a multinational commercial bank, has partnered with American Express, a financial service, to launch and broaden the acceptance and usage of American Express Cards in Nigeria. This announcement places Access Bank as the first full-service bank to acquire merchants that will accept American Express Card payments in the country. The partnership will enable American Express Card holders use their cards at a wider range of merchant locations when they spend time in Nigeria for tourism, business or visit friends and family. International American Express Card holders…

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Nigeria’s biggest bank Access to merge with Cavmont Bank Namibia

NAMIBIA – Access Bank, Nigeria’s biggest commercial bank has identified eight African countries for potential expansion into in the coming years, including Namibia with the proposed merger with Cavmont Bank Namibia. Access Bank’s ambition to branch out is aimed at benefiting from a continental free trade pact that came into effect on 1 January this year. The big South African banks – Nedbank, Standard Bank and the FirstRand Group – have a big continental footprint, but Access Bank has in recent years become a force to be reckoned with in…

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Access Bank in talks to acquire Atlas Mara Zambia

ZAMBIA – Access Bank Plc of Nigeria is in talks about a potential acquisition of assets belonging to Atlas Mara Ltd. The Lagos-based Access Bank is interested in Atlas Mara’s businesses in Botswana, Zimbabwe and Zambia, the people familiar with the matter have told Lusaka Times. Deliberations are in preliminary stages and no final decision has been made, they said. If successful, Atlas Mara will be left with its largest investment, a 49.97% stake in Union Bank of Nigeria Plc, which gives it a footprint in Africa’s largest economy. A…

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Access Bank appoints executive director and non-executive director for its African Subsidiaries

NIGERIA – Access Bank Plc has appointed Mr. Seyi Kumapayi and Mrs. Omosalewa Fajobi as executive director (ED) and non-executive director (NED) respectively following the approval of the Central Bank of Nigeria. Kumapayi was appointed as Executive Director, African Subsidiaries. He has been the Group Chief Financial Officer of Access Bank Plc since 2008. According to a press release by the bank, he is a highly accomplished and result-driven professional. He has over 20 years of progressive banking experience spanning across finance, strategy, risk management, and treasury. He joined Access…

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Access Bank enters Kenya, promises growth opportunities for its customers

KENYA – Access Bank Plc, one of Africa’s leading financial institutions has expanded its footprint across the African continent with the official launch of its Kenya subsidiary. Speaking at the e-launch event, the Group Managing Director and Chief Executive Officer, Access Bank Plc, Herbert Wigwe, reiterated the bank’s vision to be the world’s most respected African bank, while stressing that the bank’s entry into the Kenya market is a key gateway into East Africa, and the African continent at large. “We are excited to have successfully entered into the Kenyan market. Kenya has been recognized as a market…

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Access Bank Nigeria announces US$130M support for MSMEs, communities and youth

NIGERIA – Access Bank Nigeria has announced and started distribution of N50 billion (US$130.9 million) in support of Nigerians through interest-free loans and grants to support communities, the youths, and micro, small and medium-sized businesses. “Now more than ever, we remain committed to our purpose of impacting lives positively. In light of the recent occurrences, we will be supporting Nigerian businesses with 50 Billion Naira interest-free loans and grants. Watch this space for more information,” said the bank’s official statement in its official LinkedIn page. This show of support from…

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Access Bank to buy Atlas Mara subsidiary BancABC Mozambique

MOZAMBIQUE – London-based Atlas Mara Limited is set to sell a 100 percent stake in its Mozambican banking subsidiary to Nigeria’s Access Bank. Kenya’s Equity Group had signed an agreement with Atlas Mara to buy 62 percent of the share capital of Rwanda’s Banque Populaire du Rwanda, 100 percent of African Banking Corporation of Zambia, African Banking Corporation Tanzania and African Banking Corporation Mozambique. The Kenyan banking multinational later decided to terminate the deal citing increased risk from the outbreak of the Covid-19 pandemic. Equity would have also been required…

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