BancABC

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BancABC
Private
Industry Financial Services
Founded 1997
Headquarters Gaborone, Botswana
Key people
 Doreen Khama
Group Chairman
Dr. Blessing Mudavanhu
Chief Executive Officer
Products Loans, Investments, Mortgages
Revenue IncreaseAftertax: US$19.55 million (BWP:174.36 million) (2013)
Total assets US$1.77 billion (BWP:15.78 billion) (2013)
Number of employees
 1,000+ (2011)
Parent Atlas Mara Co-Nvest Limited
Website Homepage

BancABC, officially known as ABC Holdings Limited, is a pan-African financial services provider, headquartered in Gaborone, Botswana.[1]

Overview

BancABC is a financial services provider in Southern Africa and Eastern Africa. As of December 2013, the bank's group assets were valued at approximately US $1.77 billion (BWP:15.78 billion), with shareholders' equity valued at over US $162.34 million (BWP:1.45 billion).[2] BancABC has subsidiaries in Botswana, Mozambique, Tanzania, Zambia, and Zimbabwe.[3] with plans to expand into Angola, South Sudan, and Uganda.[4]

History

The establishment of ABC Holdings Limited commenced with a merger between First Merchant Bank (FMB) and Heritage Investment Bank (HIB) in 1997.[5]

ABC Holdings Limited was registered and listed on the Botswana Stock Exchange, with a secondary listing on the Zimbabwe Stock Exchange in 2000. The certification committee of the Botswana International Financial Services Centre (IFSC) granted IFSC status to both ABC Holdings Limited and African Banking Corporation (International) Limited, which is a 100 percent subsidiary of ABC Holdings Limited. In April 2009, the bank re-branded to BancABC.[6] On 31 March 2014, Atlas Mara Co-Nvest Limited announced its offer to acquire ABC Holdings Limited. Atlas Mara made direct agreements with existing shareholders to acquire up to 88% of the group and subsequently make a mandatory offer for the remaining 12% stake in BancABC.[7] This acquisition deal was valued at approximately US$265 million. The acquisition was concluded on November 28, 2014 and ABC Holdings Limited's stock was delisted from the BSE and ZSE.[8]

Member companies

The companies that comprise BancABC include, but are not limited to the following:[9]

  • BancABC Botswana - Gaborone, Botswana - 100 percent shareholding - A commercial bank in Botswana, serving individuals and businesses.
  • BancABC Mozambique - Maputo, Mozambique - 100 percent shareholding - A commercial bank in Mozambique, serving individuals and businesses.
  • BancABC Tanzania - Dodoma, Tanzania - 74 percent shareholding - A commercial bank in Tanzania, serving individuals and businesses.
  • BancABC Zambia - Lusaka, Zambia - 100 percent shareholding - A commercial bank in Zambia, serving individuals and businesses.
  • BancABC Zimbabwe - Harare, Zimbabwe - 100 percent shareholding - A commercial bank in Zimbabwe, serving individuals and businesses.
  • Tanzania Development Finance Company Limited - Dar es Salaam, Tanzania - 68 percent shareholding - A development finance company.
  • ICEA Lion Tanzania - Dar es Salaam, Tanzania - 47 percent shareholding - An insurance company underwriting general insurance business in Tanzania. ICEA Lion Tanzania is a venture between Kenyan based ICEA Lion Group and Tanzania Development Finance Company Limited.[10]
  • Credit Insurance Zimbabwe Limited - Harare, Zimbabwe - 24 percent shareholding - An insurance company underwriting general insurance business in Zimbabwe. Held through BancABC Zimbabwe.
  • PG Industries (Botswana) Limited - Gaborone, Botswana - 42 percent shareholding - A manufacture of timber and wood products. The firm is also a supplier of general building materials in Botswana.

Ownership

ABC Holdings Limited is a wholly owned subsidiary of Atlas Mara Co-Nvest Limited. During the third quarter of 2014, Atlas Mara completed the acquisition of BancABC and of African Development Corporation (ADC). Following the transactions, Atlas Mara owns 100 percent in BancABC; 62.25 is direct shareholding and 37.75 percent is indirect shareholding through African Development Corporation (ADC).[11] In December 2014, a new board of directors and a new team of senior managers began taking over the company, to reflect the new shareholding.[12]

See also

References

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External links

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