Access Bank Zambia acquires Atlas Mara
Access Holdings Plc announced that Access Bank Zambia Limited, a subsidiary of its principal subsidiary, Access Bank Plc, has received final regulatory approval from the Central Bank of Zambia for the acquisition and merger of African Banking Corporation Zambia Limited (Atlas Mara Zambia) into its existing operations.
According to a statement released on Friday by the Company Secretary, Sunday Ekwochi, this was in continuation of the announcement made on October 25, 2021.
It was stated that the Central Bank of Nigeria and the Common Market for Eastern and Southern Africa Competition Commission had previously given their "no objection" to the Transaction in 2022.
Access Zambia will integrate and merge Atlas Mara Zambia into its operations, creating one of the top five banks in Zambia, according to the statement.
The Group Chief Executive Officer of Access Holdings, Dr. Herbert Wigwe, commented on the transaction as follows: "The transaction builds on our earlier acquisition and merger of Cavmont Bank Plc into Access Bank Zambia and underscores our resolve to strengthen our presence in Zambia, a key African market that aligns with our strategic emphasis on geographic earnings growth and diversification.
The merger 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 have a significant impact on the Zambian market.
According to the statement, the transaction is anticipated to close in the third quarter of 2023.
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