The proposal of the Access Bank to merge with the African Banking Corporation Zambia Ltd, Atlas Mara Zambia, has been approved by Zambia’s Central Bank.
The progress came following about two years of negotiations.
Consequently, the operations of the Access Bank Zambia, a subsidiary of the Access Bank, will be merged, according to Access Holdings PLC.
The process is to be completed in the third quarter of this year.
In October 2021, Access Holdings had stated that Access Zambia approached the African Banking Corporation Ltd for acquisition.
With the approval already given the Access Zambia will initiate integration process with Atlas Mara Zambia which will possibly create one of the five top banks in Zambia.
Herbert Wigwe, the Chief Executive Officer of Access Holdings, stated that the deal would bring about great synergy between the retail and wholesale banking strength of the two financial institutions.
According to him: “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.”
