Access Bank completes acquisition of Zambian bank
Access Bank Plc has announced the completion of its acquisition of African Banking Corporation Zambia Limited, trading as Atlas Mara Zambia (“Atlas Mara”), after obtaining all requisite regulatory approvals. Atlas Mara is now a wholly-owned subsidiary of Access Bank Zambia.
Following this regulatory milestone, the two banks will continue to operate separately until all integration-related processes are finalised.
Once the merger is complete, the combined entities will become one of Zambia’s top five banks by revenue with prospects to be in the top three by 2027.
Roosevelt Ogbonna, Managing Director/Chief Executive Officer of Access Bank Plc, in a statement issued by the bank yesterday, said, “This marks a significant milestone for Access Bank Plc as we work towards achieving our vision of being the world’s most respected African bank.”
“We are poised for success by harmonising the robust brands, rich heritage, shared values, and best practices of both companies in creating opportunities that extend to all our stakeholders in Zambia and the SADC region,” he said.
Lishala Situmbeko, CEO, Access Bank Zambia, added, “We are extremely pleased that this transaction has come to a close. By bringing together these two great businesses, we are creating a stronger, more competitive financial institution that will play a role in delivering on Zambia’s economic recovery.”
“We look forward to leveraging the operational and cultural strengths of both businesses to benefit all stakeholders. As we continue to finalise the alignment of our products and services, we will ensure that our customers continue to enjoy the benefits of the broader product suite in the future. Ultimately, we want to continue to deliver a holistic service offering that benefits our customers from a shared focus on financial inclusion and digital banking.”
Olumide Olatunji, Managing Director of Access Bank Ghana, said the acquisition was in line with the bank’s strategic agenda to be the number one bank in Africa.
He said, “This solidifies our expansion drive, presence and franchise in Africa and across the world”.
Atlas Mara Acting Managing Director, Bobbline Cheembela, said, “Combining with Access Bank allows us to bring together the best qualities, capabilities, and resources of both organisations.”
He said, “Atlas Mara’s expansive network and contribution to the public sector and capability in global markets and treasury, combined with Access Bank’s focus on SMEs and making trade finance, treasury, and corporate lending expertise available to Zambian MNCs and SMEs have not only created an industry leader, but a champion for our country.”
With the legal acquisition concluded, the two banks will work behind the scenes to ensure a smooth changeover once the merger concludes.
In the interim, customers will continue to be serviced through their usual bank, Access Bank or Atlas Mara.
The company’s immediate focus is on integrating the two businesses and working towards operating as a single entity with a single staff complement as well as harmonised products and services.
BY TIMES REPORTER
