Shelter Afrique and BancABC sign US$11m deal for 2,500 housing units in Zimbabwe

ZIMBABWE – Pan-African finance institution that exclusively supports the development of affordable housing and real estate sector development in Africa Shelter Afrique, has signed US$11 million housing deal with Harare-based African Banking Corporation (BancABC) that will finance construction of 2,500 housing units and help buyers get mortgage loans. According Shelter Afrique Group Managing Director Andrew Chimphondah, the facility targets construction of residential housing units home extension & improvement, onward lending to affordable housing projects, and financing small-scale commercial project such as small shopping malls. “Our Centre of Excellence research shows…

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KCB Group shareholders approve the proposed acquisition of BPR and BancABC

EAST AFRICA – Shareholders of KCB Group, the Kenyan financing company, have approved the proposal to acquire up to 100% of the issued ordinary shares in Banque Populaire Du Rwanda (BPR) and a 100% stake in African Banking Corporation Tanzania Limited (BancABC). The twin acquisitions in Rwanda and Tanzania are part of KCB Group’s ongoing strategy to achieve regional relevance and will increase the brand’s footprint while reinforcing existing market capabilities. The transactions follow the offer made by KCB Group late last year and having now received shareholder approval, they…

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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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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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Equity Bank on course to takeover Zimbabwean lender BancABC Bank

KENYA – Equity Bank, a financial service provider is on course to takeover of the Zimbabwean lender BancABC Bank that serves as both corporates and retail as it establishes a presence in 10 African countries. A cautious entry into Zimbabwe, a country currently weighed down by a volatile exchange rate and hyperinflation was part of Equity’s grand Atlas Mara deal, which saw the region’s largest lender by customer numbers enter two additional countries Zambia and Mozambique— through acquisitions. However, negotiations on the acquisition of BancABC Zimbabwe fell through after Equity…

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