FRI. 24 MARCH 2023-theGBJournal | Access Bank Zambia Limited 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, Access Holdings Plc, the parent company announced Friday.
The acquisition move was first announced on October 25, 2021 and the Central Bank of Nigeria and the Common Market for Eastern and Southern Africa Competition Commission granted their ‘’no objection’’ to the transaction in 2022.
Access Bank 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.
‘’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 market that fits into our strategic focus on geographic earnings growth and diversification,’’ says Dr. Herbert Wigwe, Group Chief Executive, Access Holdings Plc, Nigeria’s multinational financial institution listed on the Nigerian Exchange Limited since 1998.
According to Dr. Wigwe, ‘’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.’’
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