Browsing: African Banking Corporation of Botswana

Having been officially opened for traffic on May 10, This year the bridge is expected to ease traffic and enhance trade between the two nations. The bridge was built by the two countries after agreeing to replace the existing ferry with a road transport in 2007.

But what are the economic impact of this bridge between the two nations and the continent?

The bridge is expected to significantly improve trade infrastructure of the Southern African Development Community (SADC) and the African continent as a whole as well as provide vital transport infrastructure on that corridor as it would facilitate easy access to intra-regional trade and international market through connectivity with major sea ports.

The Kazungula Bridge Project was officially commissioned by the Presidents of Botswana and Zambia, who applauded the African Development Bank for its work on this transformative project.

The 923-meter bridge with two border facilities on either side, …

Just a month after investing around $60 million to acquire a stake in South Africa’s Grobank, Nigeria’s biggest lender Access Bank has agreed to buy a majority stake in African Banking Corporation of Botswana for cash.

Last month, Access Bank invested both equity and debt in the South African bank, part of a regional expansion to tap into correspondent and trade banking deals on the continent.

The Bank is expanding across the African continent to counter stagflation and dollar shortages in Nigeria that have frustrated businesses, shrinking the lending market.

BancABC Botswana deal

According to completed agreements, Access 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.

ABC Holdings is a subsidiary of London Stock Exchange-listed group – Atlas Mara Limited.

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