Access Bank Zambia Completes Acquisition Of African Banking Corporation Zambia
Access Holdings Plc has announced that it has received final regulatory approval from the Central Bank of Zambia for the acquisition and merger of Access Bank Zambia Limited, and African Banking Corporation Zambia Limited into its existing operations. Access Bank Zambia Limited is a subsidiary of Access Bank Plc.
The bank disclosed this in a statement signed by its Company Secretary, Sunday Ekwochi over the weekend. The statement added that the Central Bank of Nigeria and Common Market for East and Southern Africa competition Commission had earlier granted their approvals to the transaction in 2022.
It stated, “Further to its announcement on October 25, 2021, Access Holdings Plc (Access Holdings) is pleased to announce that Access Bank Zambia Limited (Access Zambia), a subsidiary of its flagship subsidiary, Access Bank Plc, has received final regulatory approval from the Central Bank of Zambia for the acquisition and merger of African Banking Corporation Zambia Limited (Atlas Mara Zambia) into its existing operations.
“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 Zambia.”
Commenting on the transaction, 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.”
Upon completion, Ekwochi said the bank is expected to retain or increase its current shareholding in Access Bank Zambia. Also, the bank said with the acquisition, it would have more than 70 branches and agencies with an approximate $1 billion total assets and over 300,000 customers in the country.