Successful listing boosts BancABC morale

BancABC Botswana Managing Director, Kgotso Bannalotlhe sees the stock market as a growth opportunity for companies and has said his bank’s listing on Botswana Stock Exchange is in line with the bank’s strategic focus of consolidating the market position. He was speaking during the bank’s listing ceremony on Botswana Stock Exchange on Friday. Bannalotlhe said they see Botswana as a home and core market for the parent company, ABC Holdings. “Access to capital markets is an important consideration for growing companies as it gives them more room to raise capital and access to investors,” he said. The bank is the fourth profitable and the fifth largest bank by assets in Botswana. “The listing on the BSE has helped raise further support and achieving our goal of being the bank of choice for individuals, corporate and public sector in Botswana by offering technology and innovative products,” The bank has raised about P300 million from the ordinary share offer and the larger portion of the money will be used in developing core banking software and banking channel upgrades to support growth and improve operational efficiencies across the ABC Holdings Group. Bannalotlhe said as a bank, they have a long-term vision of the country, suggesting they view the record low rates as a cycle, which will eventually end. The bank is expected to open more branches in the country next year, effectively increasing the bank’s more than 300 employees. BancABC has operations in Botswana, Mozambique, Tanzania, Zambia and Zimbabwe and a group services office in South Africa. Formed in Zimbabwe in 2000, ABC Holdings is a registered company in Botswana with its primary listing on the BSE. The Group’s shareholders include Old Mutual, Botswana Insurance Fund and the International Finance Corporation. Bob Diamond and Ashish Thakkar, a Ugandan businessman - who founded Atlas Mara - are buying banking properties across the continent, which they say offer massive investment opportunities.