The establishment of ABC Holdings Limited commenced with a merger between First Merchant Bank and Heritage Investment Bank 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 granted IFSC status to both ABC Holdings Limited and African Banking Corporation Limited, which is a 100 percent subsidiary of ABC Holdings Limited. In April 2009, the bank re-branded to BancABC. On 31 March 2014, Atlas Mara Co-Nvest Limited announced its offer to acquire ABC Holdings Limited. Atlas Mara made direct agreements with existing shareholders to acquire up to 88% of the group and subsequently make a mandatory offer for the remaining 12% stake in BancABC. This acquisition deal was valued at approximately US$265 million. The acquisition was concluded on November 28, 2014 and ABC Holdings Limited's stock was delisted from the BSE and ZSE.
Member companies
The companies that comprise BancABC include, but are not limited to the following:
BancABC Botswana - Gaborone, Botswana - 100 percent shareholding - A commercial bank in Botswana, serving individuals and businesses.
BancABC Mozambique - Maputo, Mozambique - 100 percent shareholding - A commercial bank in Mozambique, serving individuals and businesses.
BancABC Tanzania - Dodoma, Tanzania - 74 percent shareholding - A commercial bank in Tanzania, serving individuals and businesses.
BancABC Zambia - Lusaka, Zambia - 100 percent shareholding - A commercial bank in Zambia, serving individuals and businesses.
BancABC Zimbabwe - Harare, Zimbabwe - 100 percent shareholding - A commercial bank in Zimbabwe, serving individuals and businesses.
ICEA Lion Tanzania - Dar es Salaam, Tanzania - 47 percent shareholding - An insurance company underwriting general insurance business in Tanzania. ICEA Lion Tanzania is a venture between Kenyan-based ICEA Lion Group and Tanzania Development Finance Company Limited.
Credit Insurance Zimbabwe Limited - Harare, Zimbabwe - 24 percent shareholding - An insurance company underwriting general insurance business in Zimbabwe. Held through BancABC Zimbabwe.
PG Industries Limited - Gaborone, Botswana - 42 percent shareholding - A manufacture of timber and wood products. The firm is also a supplier of general building materials in Botswana.
Ownership
ABC Holdings Limited is a wholly owned subsidiary of Atlas Mara Limited. During the third quarter of 2014, Atlas Mara completed the acquisition of BancABC and of African Development Corporation. Following the transactions, Atlas Mara owns 100 percent in BancABC; 62.25 is direct shareholding and 37.75 percent is indirect shareholding through African Development Corporation. In December 2014, a new board of directors and a new team of senior managers began taking over the company, to reflect the new shareholding.
