Access Bank acquires Atlas Mara to create one of Zambia’s top five banks
Access Bank Plc has completed the 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, a statement released by the bank said.
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It said 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,” the statement 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 Managing Director and Chief Executive Officer of Access Bank Plc, Roosevelt Ogbonna, said in the statement
Meanwhile, 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”.
Olumide Olatunji, Managing Director of Access Bank Ghana, said the acquisition is in line with the Bank’s strategic agenda to be the number one bank in Africa.
“This solidifies our expansion drive, presence and franchise in Africa and across the world,” he said.
The statement said 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.
It said 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 Kingdom, UAE, China, Lebanon, France, Hong Kong and India.
“The combined company will create significant opportunities for our employees’ professional and career development through being part of a larger network both in the country and globally,” the statement added.
“Across Zambia, stakeholders will benefit from the presence of an African financial services group that, at its core, has been built on the foundation of ensuring that the communities within which it operates are better equipped to succeed,” the statement concluded.
