Home » Business » ZIMBABWEAN BANK TARGETS EXPANSION TO 15 COUNTRIES

HARARE, March 24 — Pan-African financial services group BancABC plans to expand its operations to 15 more countries in the next three years, says Managing Director Joe Sibanda.

The group, which is owned by Atlas Mara, an investment vehicle jointly owned by former Barclays chief executive Bob Diamond and African billionaire Ashish Takkar, currently has operations in five countries — Botswana, Mozambique, Tanzania, Zambia and Zimbabwe.

Sibanda said here Monday the banking group was performing well despite challenges being faced in some of the economies in which it was operating.

“The growth strategy of the bank is quite impressive,” said 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 Sibanda did not name the countries where the bank would expand its operations, BancABC had previously indicated it would explore new markets in Angola, Uganda and South Sudan.

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

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

SOURCE: NEW ZIANA

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