ACCESS Bank Zambia Limited completed its acquisition of African Banking Corporation Zambia Limited, trading as Atlas Mara Zambia 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, 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.”
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.”
Upon full integration of the two banks, customers will have access to a total of over 60 branches, five cash centres, eight agencies, more than 5,300 Tenga Express Agents and a network of over 240 ATMs across the country.
Corporate customers will benefit from a larger combined balance sheet, a broader international footprint and increased access to trade finance, treasury, international payments and loans via the wider distribution network of the enlarged bank which today spans three continents and 21 markets. Stakeholders will also benefit from Access Bank’s presence in the key trade corridors which connect Africa with the United Kingdon, UAE, China, Lebanon, France, Hong Kong and India.
SMEs will benefit from the existing banking proposition that is aimed at encouraging and supporting their growth ambitions.
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. 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 has 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, being 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.
