Zambia's Central Bank Authorises Access Bank to Take Over Atlas Mara Bank of Zambia
Access Holdings Plc announced that Access Bank Zambia Limited, a subsidiary of Access Bank Plc, has obtained approval from the Central Bank of Zambia to acquire and merge African Banking Corporation (Atlas Mara Zambia).
According to a statement released by the bank's Secretary, Sunday Ekwochi, on March 24, 2023, the development followed its announcement on October 25, 2021.
The Central Bank of Nigeria (CBN) and Common Market for Eastern and Southern Africa Competition Commission previously granted the bank no objections for the transaction in 2021.
According to a statement released by Access Zambia, the bank will now begin operations, which is anticipated to create one of the top five banks in Zambia.
Herbert Wigwe, the group chief executive officer of Acess Holdings, stated that the transaction builds on the bank's previous acquisition and merger of Cavmont Bank Plc into Access Bank Zambia and demonstrates its determination to expand its presence in Zambia.
“Combining 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.”
The statement indicated the transaction would close in the third quarter of 2023.
