African Development Corporation buys 20% in ABC Holdings.

By bne IntelliNews March 17, 2011
The African Development Corporation (ADC) said it has acquired a 20% stake in ABC Holdings Limited for EUR 9.7mn. ABC Holdings Limited is the parent company of a number of sub-Saharan Africa banks operating under the BancABC brand. BancABC has operations in Botswana, Mozambique, Tanzania, Zambia and Zimbabwe. The African Development Corporation is a financial services holding company focusing on the banking and insurance markets in sub-Saharan Africa. Through the entry into BancABC, ADC sees significant synergies to the already existing activities in the banking and insurance sector, the buyer said in a statement. ADC's portfolio consists of five financial services companies, including stakes in two banks, one insurance company and two payment service provider.

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