BancABC

From Wikipedia, the free encyclopedia
  (Redirected from )
BancABC
TypePrivate company
IndustryFinancial Services
Founded1997 (1997)
HeadquartersGaborone, Botswana
Key people
Jan Claassen
(Group Chairman)
ProductsLoans, Investments, Mortgages
RevenueDecreaseAftertax: US$34.512 million (2015)[1]
Total assetsUS$1.81 billion (2015)[1]
Number of employees
1,000+ (2011)
ParentAccess Bank Group
Websitewww.bancabc.com

BancABC, is a financial services provider, headquartered in Gaborone, Botswana before being acquired by Access Bank Group to become Access Bank Botswana.[2][3]

BancABC is a financial services provider in Southern Africa and Eastern Africa. Prior to its acquisition by Atlas Mara, the bank's group assets were valued at about US $1.81 billion, with shareholders' equity valued at US $115.75 million.[1] BancABC has subsidiaries in Botswana, Mozambique, Tanzania, Zambia, and Zimbabwe[4] with plans to expand into Angola, South Sudan, and Uganda.[5]

History[]

The establishment of ABC Holdings Limited commenced with a merger between First Merchant Bank (FMB) and Heritage Investment Bank (HIB) in 1997.[6]

ABC Holdings Limited was registered and listed on the Botswana Stock Exchange, with a secondary listing on the Zimbabwe Stock Exchange in 2000. The certification committee of the Botswana International Financial Services Centre (IFSC) granted IFSC status to both ABC Holdings Limited and African Banking Corporation (International) Limited, which is a 100 percent subsidiary of ABC Holdings Limited. In April 2009, the bank re-branded to BancABC.[7]

BancABC logo prior to 2014 acquisition by Atlas Mara
BancABC logo after the 2014 acquisition by Atlas Mara

On 31 March 2014, Atlas Mara Co-Nvest Limited announced its offer to acquire ABC Holdings Limited. Atlas Mara made direct agreements with existing shareholders to acquire up to 88% of the group and subsequently make a mandatory offer for the remaining 12% stake in BancABC.[8] This acquisition deal was valued at approximately US$265 million. The acquisition was concluded on November 28, 2014 and ABC Holdings Limited's stock was delisted from the BSE and ZSE.[9]

Member companies[]

The companies that comprise BancABC included, but were not limited to the following:[10]

  • BancABC Botswana – Gaborone, Botswana (100 percent shareholding). A commercial bank in Botswana, serving individuals and businesses.
  • BancABC Mozambique – Maputo, Mozambique (100 percent shareholding). A commercial bank in Mozambique, serving individuals and businesses.
  • BancABC Tanzania – Dodoma, Tanzania (74 percent shareholding). A commercial bank in Tanzania, serving individuals and businesses.
  • BancABC Zambia – Lusaka, Zambia (100 percent shareholding). A commercial bank in Zambia, serving individuals and businesses.
  • BancABC Zimbabwe – Harare, Zimbabwe (100 percent shareholding). A commercial bank in Zimbabwe, serving individuals and businesses.
  • Tanzania Development Finance Company Limited – Dar es Salaam, Tanzania (68 percent shareholding). A development finance company.
  • ICEA Lion Tanzania – Dar es Salaam, Tanzania (47 percent shareholding). An insurance company underwriting general insurance business in Tanzania. ICEA Lion Tanzania is a venture between Kenyan-based ICEA Lion Group and Tanzania Development Finance Company Limited.[11]
  • Credit Insurance Zimbabwe Limited – Harare, Zimbabwe (24 percent shareholding). An insurance company underwriting general insurance business in Zimbabwe. Held through BancABC Zimbabwe.
  • PG Industries (Botswana) Limited – Gaborone, Botswana (42 percent shareholding). A manufacturer of timber and wood products. The firm is also a supplier of general building materials in Botswana.

After the Atlas Mara acquisition, the shareholding the subsidiaries was span-off to a separate Atlas Mara subsidiary. This left BancABC with Botswana banking business as its key focus.

Ownership[]

ABC Holdings Limited is a wholly owned subsidiary of Atlas Mara Limited. During the third quarter of 2014, Atlas Mara completed the acquisition of BancABC and of African Development Corporation (ADC). Following the transactions, Atlas Mara owns 100 percent in BancABC; 62.25 is direct shareholding and 37.75 percent is indirect shareholding through African Development Corporation (ADC).[12] In December 2014, a new board of directors and a new team of senior managers began taking over the company, to reflect the new shareholding.[13]

Acquisition by Access Bank[]

The bank was acquired by Access Bank Group 2021. [14][15][16]

See also[]

References[]

  1. ^ a b c BancABC (15 April 2016). "31 December 2015 Annual Report & Audited Financial Statement". BancABC Group. Archived from the original on 26 February 2015. Retrieved 11 October 2014.
  2. ^ "ABC Holdings Limited Company Profile" (PDF). ABC Holdings Limited. Retrieved 11 December 2014.
  3. ^ "Access Bank completes the acquisition of BancABC". AMC. 2021-11-30. Retrieved 2021-11-30.
  4. ^ Zimbabwe Independent (28 March 2013). "BancABC Profits Up". Zimbabwe Independent. Retrieved 11 December 2014.
  5. ^ "Zimbabwe: BancABC Targets Angola, Uganda, South Sudan". The Financial Gazette (Harare) via AllAfrica.com. 30 March 2012. Retrieved 11 December 2014.
  6. ^ "ABC Holdings Limited - Company Profile" (PDF). ABC Holdings Limited. Retrieved 2014-12-14.
  7. ^ "Profile & History of BancABC". Reserve Bank of Zimbabwe (RBZ). 2007. Retrieved 12 December 2014.
  8. ^ Bonorchis, Renee; Mguni, Mbongeni; Marawanyika, Godfrey (1 April 2014). "Bob Diamond's Atlas Mara Buys Bank In First Africa Purchase". Bloomberg News. Retrieved 12 December 2014.
  9. ^ "Atlas Mara - Issue of Shares And Total Voting Rights". Atlas Mara Co-Nvest Limited. 28 November 2014. Retrieved 12 December 2014.
  10. ^ "ABC Holdings Limited 2013 Annual Report" (PDF). ABC Holdings Limited. December 31, 2013. Retrieved December 14, 2014.
  11. ^ "ICEA Lion Tanzania - Shareholders and Reinsurers". ICEA Lion Group. Archived from the original on 7 October 2014. Retrieved 7 October 2014.
  12. ^ RNS (9 December 2014). "Atlas Mara Co-Nvest Limited: Total Voting Rights". London: Investis.com Quoting Regulatory News Service (RNS). Retrieved 11 October 2016.
  13. ^ "Management Shake-Up At BancABC". The Herald (Zimbabwe). 9 December 2014. Retrieved 12 December 2014.
  14. ^ "Access Bank PLC Announces Completion of Botswana Acquisition". Access Bank Group. 11 October 2021. Retrieved 30 November 2021.{{cite web}}: CS1 maint: url-status (link)
  15. ^ "Press Release - Becoming Access Bank Botswana". BancABC. 31 October 2021. Retrieved 30 November 2021.{{cite web}}: CS1 maint: url-status (link)
  16. ^ "Access Bank completes the acquisition of BancABC". AMC. 2021-11-30. Retrieved 2021-11-30.

External links[]

Retrieved from ""