BancABC eyes expansion

Financial service group, BancABC plans to expand its operations to 15 other countries in the next three years, an official has said. The group, which is owned by Atlas Mara, an investment vehicle co-owned by former Barclays chief executive Mr Bob Diamond and African billionaire Mr Ashish Thakkar, currently has operations in five countries namely Botswana, Mozambique, Tanzania, Zambia, and Zimbabwe.

BancABC managing director Joe Sibanda said the banking group was performing well in spite of challenges being faced in some of the economies in which it was operating.

“The growth strategy of the bank is quite impressive,” said Mr Sibanda.

“We have not listed the countries we are going to expand to yet but we are going to look at the opportunities.

“We are going to open new branches in countries where there are best opportunities.”

While Mr Sibanda did not name the countries where the bank would expand its operations to, BancABC has previously indicated it would explore new markets in Angola, Uganda and South Sudan.

Mr Sibanda credited the group’s new investors, Atlas Mara with the idea to grow its footprint on the continent.

The banking group was dually listed on the Zimbabwe Stock Exchange (ZSE) and the Botswana Stock Exchange but was delisted on the ZSE in February this year following its acquisition by Atlas Mara. – New Ziana.