TUE 26 OCT, 2021-theGBJournal- Access Bank Plc Monday closed a merger deal with Atlas Mara Limited on a proposed merger between African Banking Corporation (Atlas Mara Zambia) and the Bank’s subsidiary in Zambia, Access Bank Zambia Limited , as it chases its continental market dominance.
Herbert Wigwe, Access Bank’s GMD/CEO said, ‘’the transaction represents another milestone that brings us closer to the achievement of our broader strategic objectives. The Merger of Atlas Mara with Access Bank Zambia is expected to augment our present in Zambia and the broader COMESA region, Africa’s largest free trade area.’’
Access Bank said the transaction will require significant additional capital investments, given the amount of capital and other synergies created from the merger between Access Bank Zambia and Cavmont Bank, in 2020.
The proposed transaction is expected to be concluded in 2022, subject to conditions precedent, including regulatory approvals in Nigeria and Zambia.
Access Bank is expected to retain or increase its current shareholding in Access Bank Zambia, which following the merger will have over 70 branches and agencies, and approximately US$1 billion in total assets and over 300,000 customers in Zambia.
‘’We are particularly excited by the prospect of increased earnings contribution to the Bank from the enlarged Access Bank Zambia, which also announced the appointment of new managing director, Mr Lishala Situmbeko, who brings over 25 years of cognate experience and deep local relationships into our Zambian operations,’’ says Wigwe.
Wigwe said the transaction is a testament to the strong confidence of the Zambian market in Access Bank’s country and regional strategy as well as the Bank’s strong confidence in the long-term prospects for the Zambian economy.
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