BancABC

BancABC is a pan-African financial services provider, headquartered in Gaborone, Botswana. BancABC has subsidiaries in the following African Countries: Botswana, Mozambique, Tanzania, Zambia and Zimbabwe.^[1] The holding company for the group's operations is called ABC Holdings Limited. The shares of stock of the holding company, are listed on the Botswana Stock Exchange (BSE) and on the Zimbabwe Stock Exchange (ZSE), where they trade under the symbol: ABCH.

Overview

The bank is a large financial services provider in Southern Africa and parts of East Africa. As of December 2010^[update], the bank's group assets were valued at over US$:932 million, with shareholders' equity valued at over US$67.9 million.^[2]

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.^[3]

Ownership

As of May 2009, the Group's shareholders include among others: Old Mutual, Botswana Insurance Fund Managers (BIFM), the International Finance Corporation (IFC) and Citi Venture Capital Investments - the investment arm of Citibank. See table below: ^[4]