The daily value of shares traded on the Botswana Stock Exchange (BSE) hit an all-time high of nearly P1.1 billion today, as major Nigerian financier, Access Bank (NGX:ACCESS, GSE:ABG) finalised its take over of BancABC Botswana (BSE:ABC).

Prior to today, the BSE’s highest daily turnover was P494.3 million recorded in 2016, P484.6 million in 2017 and P458.6 million in 2018, the Exchange’s CEO, Thapelo Tsheole said in a statement this afternoon.

“This transaction represents a great achievement for the BSE in being able to facilitate large trades in line with our current strategy to increase the average daily turnover levels to P18million per day by the end of 2021,” he said.

Earlier this year, Access Bank moved to become BancABC Botswana’s major shareholder, by taking up the 78% equity held in the local bank by ABC Holdings. Atlas Mara, the controlling shareholder in ABC Holdings, said the offer for the 78% represented 1.13 times the book value of the stake in BancABC Botswana. As at December 2020, BancABC’s total book value was estimated at about P1.2 billion.

On the BSE earlier today, 566,584,954 BancABC shares exchanged hands at P1.98 per share, representing 78.14% of the local bank’s issued shares. The value of the transaction was P1.07 billion.

Other counters that traded today include Botswana Telecommunications Corporation Limited, Letshego Holdings, First National Bank Botswana, Sefalana, Botswana Insurance Holdings Limited, Standard Chartered Bank Botswana amongst others. These companies’ combined turnover during the trades today was P1.2 million.

Motswedi Securities, the broker that facilitated today’s transaction involving Access Bank, said with the formal trade of shares, it was expected that the change of name for BancABC Botswana would be effected soon, while the rebranding strategy was due to be completed by the fourth quarter of 2021.

BancABC Botswana is due to become Access Bank Botswana.

Access Bank has a network of more than 600 branches across 12 countries in three continents, with more than 40 million customers.

BancABC Botswana, meanwhile is the fifth largest bank in Botswana and a well-capitalised institution poised for growth and success in the local market.

“With Access Bank onboard, the combined bank will give way to many opportunities, some of which will be a larger customer base, significantly higher asset base and be well positioned to service the growing Botswana market,” BancABC Botswana officials previously said. “In addition, increased scale will improve BancABC Botswana’s operating leverage, enabling it to deliver combined offerings to a wider base of customers, rivalling some of the biggest banks in the market.”