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Access Bank Sells 8% of its Botswana Branch
Access Bank Plc has sold off 8% of its stake in its Botswana subsidiary Access Bank Botswana.
The action caused the popular Nigerian banking group shares to jump from P1.80 to P2.04.
Access Bank Botswana Sells Stock as Growth and Financial Results Increases
According to a Botswana Stock Exchange filing, the transactions occurred on June 27 and 28 June. Access Bank PLC sold 38 million and 21 million shares respectively for a total of P116 million ($8.6 million).
However, it is ambiguous whether the shares were sold to a specific entity or offloaded into the public market.
According to TechCabal, Access Bank Botswana managing Director Sheperd Aisam said, “Through this sell-down, we have now achieved a critical element of compliance expected by the BSE, which not only adheres to regulatory standards but also presents an opportunity for enhancing market dynamics and our shared value story by welcoming new shareholders.”
Also Read: Access Bank Acquires BancABC Tanzania
The significant move comes as the company’s subsidiary in Botswana recorded rapid growth and solid financial results.
According to the subsidiary’s latest results released last week, Botswana’s branch recorded a profit before tax of P52 million, surpassing last year’s figure by 86%.
Access Bank On The Path Leading To Asia
The company also recorded an increase in customer deposits to P7.7 billion while gross loans were at P6.3 billion, a slight dip from last year.
Additionally, Access Bank acquired a 78.15% stake in the Botswana subsidiary of ABC Holdings for P1.07 billion in October 2021.
The banking group has rapidly expanded across the continent in the past few years. It has built a presence in 16 markets including the UK, and plans to expand to Asia.
