- Sell down involved reduction of Access Bank Plc’s shareholding in Access Botswana from 78.15% to required 70%
- Access Bank ramped up its operations across retail, wholesale and trade, with total deposits growing from P6.6bn to P7.7bn
GAZETTE REPORTER
Access Bank Botswana Limited has announced a successful completion of its share sell down to meet the statutory requirements set by the Botswana Stock Exchange (BSE).
This strategic move ensures the bank’s continued compliance with regulatory standards and reinforces its commitment to governance in line with global best practices.
The sell down involved a reduction of Access Bank Plc’s shareholding in Access Bank Botswana Limited from 78.15 percent to the required 70 percent, in accordance with the BSE’s mandate for a 30 percent free float requirement.
This process, concluded on June 28, 2024, aligns with the bank’s listing conditions set forth during its December 2018 public offering.
“At Access Bank, we strive to meet all regulatory and international best practices that govern how we do business,” said the Managing Director of Access Bank Botswana, Sheperd Aisam, in a recent update.
“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.”
Aisam emphasised the bank’s commitment to leveraging its global brand network and expertise in retail banking to deliver exceptional value to shareholders and customers alike.
“We will continue to work tirelessly, leveraging our global brand network and expertise in retail banking, to deliver exceptional value to our shareholders and customers alike,” he added.
Since Access Bank Plc’s acquisition of BancABC Botswana in 2021, Access Bank Botswana has sustained impressive financial performance following an aggressive growth drive.
The bank reported an annual revenue growth of 13.4 percent, 21.02 percent, and 58.37 percent across its Net-Interest-Income, Non-Interest-Income, and Profit-Before-Tax, respectively.
Additionally, the bank has aggressively ramped up its operations across retail, wholesale and trade, with total deposits growing from P6.6 billion to P7.7 billion.