Access Bank Acquires Another Bank, Gets Central Bank’s Approval


Zambia's Central 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 () and Common 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 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.

0 0 votes
Article Rating
Notify of

Inline Feedbacks
View all comments

Share post:



More like this

Why students loan must begin in January, 2024-FG

The Minister of State for Education, Dr. Yusuf Tanko...

Nigerian scientist, three others bag Battelle Distinguished Inventor Recognition

Four scientists affiliated with the Department of Energy’s Oak...

Tinubu govt to ‘digitalise’ Abuja State House, Lagos offices with N10bn

The Nigerian Government under the leadership of Bola Tinubu...

Sponsored Protest: CCLCA, 124 CSOs ask FCT minister, Wike to ignore noisemakers

...ask Wike to remain undaunted Centre for Credible Leadership and...