Access Bank Plc on Tuesday announced that it has signed an agreement with Atlas Mara Limited on the proposed merger between African Banking Corporation Zambia Limited and Access Bank Zambia Limited.
The bank disclosed this in a statement published on the Nigerian Exchange and signed by the company secretary, Sunday Ekwochi.
The proposed transaction is expected to be concluded in 2022, subject to the fulfilment of conditions including regulatory approvals in Nigeria and Zambia.
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Following the completion of the transaction, the statement said Access Bank will retain or increase its current shareholding in Access Bank Zambia which will have approximately $1 billion in total assets, over 300,000 customers in Zambia and over 70 branches and agencies.
Commenting on the proposed merger transaction, Herbert Wigwe, group managing director/CEO of Access Bank said, “This transaction represents another milestone that brings us closer to the achievement of our broader strategic objectives. The merger of Atlas Mara Zambia with Access Bank Zambia is expected to augment our presence in Zambia and the broader COMESA region, Africa’s largest free trade area.”
“Today’s announcement is a testament to the strong confidence of the Zambian market in the Bank’s country and regional strategy as well as our strong confidence in the long-term prospects for the Zambian economy,” Wigwe said.
“We are particularly excited by the prospects of increased earnings contribution to the bank from the enlarged Access Bank Zambia, which has also announced the appointment of a new Managing Director, Mr Lishala Situmbeko, who brings over 25 years of cognate experience and deep local relationships into our Zambian operation, he said.
