The Zambian subsidiary of Nigeria’s Access Bank Plc has taken a giant stride in progress as it acquired the African Banking Corporation Zambia Limited, trading as Atlas Mara Zambia after obtaining all requisite regulatory approvals.
On Monday, the bank’s mother company stated that “Atlas Mara has been successfully acquired. Following this regulatory milestone, the two banks will continue to operate separately until all integration-related processes are finalised.”
Managing Director/Chief Executive Officer of Access Bank Plc, Roosevelt Ogbonna, 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.
The statement further noted that “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.”
Also, the Chief Executive of Access Bank Zambia, Lishala Situmbeko said, “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.”
Upon full integration of the two banks, customers will have access to a total of over 60 branches, 5 cash centres, 8 agencies, more than 5,300 Tenga Express Agents and a network of over 240 ATMs across the country.