Access Bank Botswana Limited has announced the successful completion of its sell down of shares 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% to the required 70%, in accordance with the BSE’s mandate for a 30% 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. 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,” said Sheperd Aisam, Managing Director at Access Bank Botswana.
“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 continued.
Since 2021 (post Access Bank Plc acquisition of BancABC Botswana), the Bank has sustained impressive financial performance following an aggressive growth drive, resulting to an annual revenue growth of 13.4%, 21.02% and 58.37%, across its Net-Interest-Income, Non-Interest-Income and Profit-Before-Tax, respectively. Similarly, the Bank has aggressively ramped up its operations across retail, wholesale and trade, with total deposits growing from P6.6bn to P7.7bn. A detailed breakdown of the shareholder composition of Access Bank Botswana can be referenced via the Central Securities Depository Botswana (CSDB).