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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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