Access Bank to acquire a 78.15% stake in African Banking Corporation Botswana from Atlas Mara-backed ABC Holdings.

Access Bank, a Nigerian multinational commercial bank, agreed to acquire a 78.15% stake in African Banking Corporation Botswana, a banking company, from Atlas Mara-backed ABC Holdings, a parent company of a number of banks. Financial terms were not disclosed. "The transaction announced today is consistent with the objectives articulated by the company as part of its previously-announced strategic review and overall debt restructuring. The pandemic-related economic slowdown in 2020 led to a broadening of the initially-announced strategic review and an acceleration of potential transaction discussions in-line with the company's objective of a comprehensive restructuring of the company's and ABCH's balance sheets. This transaction, like the previously announced transactions for Mozambique, Rwanda and Tanzania, is consistent with this strategy and will help realize value for the Group's creditors and other stakeholders," Michael Wilkerson, Atlas Mara Chairman.