Access Bank Zambia Limited acquires Atlas Mara

The Central Bank of Zambia has given its final regulatory permission for the acquisition and merger of African Banking Corporation Zambia Limited (Atlas Mara Zambia) into Access Bank Zambia Ltd, a subsidiary of its flagship subsidiary, Access Bank Plc.

Sunday Ekwochi, the company secretary, said in a statement on Friday that this was in addition to its announcement on October 25, 2021.

It stated that the Common Market for Eastern and Southern Africa Competition Commission and the Central Bank of Nigeria had previously given their "no objection" approval to the Transaction in 2022.

The announcement said that Access Zambia would now work to incorporate and combine Atlas Mara Zambia into its operations, which is expected to result in the creation of one of Zambia's top five banks.

Commenting on the transaction, the Group Chief Executive Access Holdings, Dr Herbert Wigwe, said, “The transaction builds on our earlier acquisition and merger of Cavmont Bank Plc into Access Bank Zambia and underscores our resolve to strengthen our presence in Zambia, a key African market that fits into our strategic focus on geographic earnings growth and diversification.

“The combination of the two banks will create significant synergies between Access Zambia’s world-class wholesale and transaction banking capabilities and Atlas Mara Zambia’s market-leading retail and public sector capabilities to form a market-leading universal banking platform that will greatly impact the  Zambia market.”

According to the statement, the transaction is expected to be finalized in Q3, 2023.

Source