Access Holdings, the parent company of Access Bank Plc has disclosed that its Zambian subsidiary, Access Bank Zambia Limited, has secured approval of the country’s central bank for the acquisition of African Banking Corporation Zambia Limited.
In his statement on Friday, Sunday Ekwochi, the company secretary who announced the development, said the acquisition is to be completed in the third quarter of 2023.
Access Zambia will 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, Dr. 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 is expected to 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.