Type Private Website Homepage Founded 1997 Total assets 1.81 billion USD (2015) | Industry Financial Services Headquarters Gaborone, Botswana Number of employees 1,000 Parent organization Atlas Mara Limited | |
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Key people Jan A Claassen
Group Chairman
Dr. Blessing Mudavanhu
Ag. CEO Products Loans, Investments, Mortgages Revenue 34.51 million USD (Aftertax, 2015) | ||
Atlas mara to buy majority stake in bancabc
BancABC, officially known as ABC Holdings Limited, is a pan-African financial services provider, headquartered in Gaborone, Botswana.
Contents
Overview
BancABC is a financial services provider in Southern Africa and Eastern Africa. As of December 2015, the bank's group assets were valued at about US $1.81 billion), with shareholders' equity valued at US $115.75 million. BancABC has subsidiaries in Botswana, Mozambique, Tanzania, Zambia, and Zimbabwe. with plans to expand into Angola, South Sudan, and Uganda.
History
The establishment of ABC Holdings Limited commenced with a merger between First Merchant Bank (FMB) and Heritage Investment Bank (HIB) in 1997.
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. 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. 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.
Member companies
The companies that comprise BancABC include, but are not limited to the following:
Ownership
ABC Holdings Limited is a wholly owned subsidiary of Atlas Mara 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). 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.