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Johannesburg, South Africa, February 6, 2012 –
IFC, a member of the World Bank Group, today launched a comprehensive Advisory Services program that will complement a $13.5 million investment in three banks under ABC Holdings Ltd. IFC’s investment and advisory partnership will help the banks increase lending and tailor financial products to smaller businesses in Southern Africa.
IFC will support advisory services over the next two years through its Africa Micro Small and Medium Enterprises (AMSME) Program. It will help ABC Holdings’ operations in Mozambique, Zambia and Botswana, operating under the BancABC brand, to develop new products and services for smaller businesses.
ABC Holdings Limited Group CEO, Douglas T. Munatsi said,“Small and medium enterprises are the backbone of every economy and we believe that developing a strong and sustainable SME portfolio will play a big role in BancABC’s growth and have a positive impact on the economic development of these countries. IFC’s Africa Micro Small and Medium Enterprises Program offers us a unique opportunity to create the right products, processes and score cards by tapping into international and regional best practices.”
IFC’s Manager of Financial Markets in Sub-Saharan Africa,Ian Weetman, said, “BancABC’s strong regional presence will ensure that it can reach a large number of smaller businesses in Botswana, Mozambique, and Zambia. BancABC is an important partner for IFC in improving access to finance and helping entrepreneurs expand businesses that create jobs and improve services in Southern Africa.”
IFC’s AMSME Program provides support to commercial banks seeking to establish or expand their MSME banking services while maintaining or improving the quality of their portfolio. Since 2006, the program has invested more than $100 million and provided advisory services to 22 banks in 14 countries in West, Central, and East Africa, including Benin, Cameroon, and Nigeria.
About IFC
IFC, a member of the World Bank Group, is the largest global development institution focused exclusively on the private sector. We help developing countries achieve sustainable growth by financing investment, providing advisory services to businesses and governments, and mobilizing capital in the international financial markets. In fiscal 2011, amid economic uncertainty across the globe, we helped our clients create jobs, strengthen environmental performance, and contribute to their local communities—all while driving our investments to an all-time high of nearly $19 billion. For more information, visit
www.ifc.org
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About ABC Holdings Limited
ABC Holdings Limited is the brand name of the company registered in Botswana, which has a primary listing on the Botswana Stock Exchange and a secondary listing on the Zimbabwe Stock Exchange. BancABC operates in Botswana, Mozambique, Tanzania, Zambia and Zimbabwe and has a group services office located in Johannesburg, South Africa.
Historically, BancABC was a merchant bank offering a diverse range of services. These included wealth management, corporate banking, treasury services, leasing, asset management and stock broking. The Group expanded into retail in 2009. BancABC’s vision is to become Africa’s preferred banking partner by offering world-class financial solutions. For information, visit
www.bancabc.com
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