Access Bank Botswana, hailed the Botswana Stock Exchange’s (BSE’s) move to approve its P 2 billion medium term note programme
The move is expected to see Access Bank’s war-chest bulging as it prepares the ground to be the market leader in the banking sector.
“This permits it to periodically raise bonds of various tenor, interest rate profile and size on the BSE or any other through take up by institutional and other investors,” Allan Gray Investment Management Company said.
In October 2021, the Nigerian headquarterd Access Holding PLC bought 78.1 percent in the then BancABC – baptised it and renamed it Access Bank Botswana. The deal also involved taking the insurance outfit Kaleu PTYT Ltd which currently is trading as Access Insurance agency.
“They announced an ambitious growth targets. Our understanding is that the proceeds of any bond under the above prograame shall be used to fund that intended growth,” Allan Gray added.
The bank is emboldened by its growth pace which saw loans and advances going up to P 6.6 billion during the full year to December 2022 as against P 6.5 billion in the prior year. Total assets also grew to P 9.3 billion against P 9.1 billion the same period in 2021.
Standard Chartered Bank of Botswana is the arranger of the bond programme.
