• Monday, April 15, 2024
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Regulators approve Access Bank Zambia, African Banking Corporation’s mergers

Access Bank unveils offline platform to ease transactions

Access Holdings Plc has announced that the regulators have given the final approval for the mergers and acquisitions between Access Bank Zambia Limited, a subsidiary of its flagship subsidiary, Access Bank Plc , and the African Banking Corporation Zambia Limited (“Atlas Mara Zambia”).

The bank said this on Friday in a statement signed by Sunday Ekwochi, company secretary.

The Central Bank of Nigeria and Common Market for Eastern and Southern Africa Competition Commission had earlier granted their “no objection” to the Transaction in 2022.

Access Zambia will now move towards integrating and merging Atlas Mara Zambia into its operations, which is expected to create one of the top five banks in Zambian .

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Commenting on the transaction, Herbert Wigwe, Group Chief Executive Access Holdings 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”

The Transaction is expected to be completed in Q3, 2023, the statement said.