• Tue. Mar 5th, 2024

Access Bank Zambia Ltd Successfully Concludes Atlas Mara Acquisition

Access Bank Zambia Limited has successfully completed its acquisition of African Banking Corporation Zambia Limited, operating as Atlas Mara Zambia (“Atlas Mara”), following the acquisition obtaining all necessary regulatory approvals.

With this milestone, Atlas Mara becomes a wholly-owned subsidiary of Access Bank Zambia, but both entities will continue separate operations until all integration processes are finalized.

The amalgamation of these two financial entities is projected to position the combined institution among Zambia’s top five banks by revenue, with aspirations to elevate to the top three by 2027.

Roosevelt Ogbonna, Managing Director/Chief Executive Officer of Access Bank Plc, remarked, “This signifies a significant milestone for Access Bank Plc as we strive towards becoming the world’s most esteemed African bank. By harmonizing the robust brands, shared values, and best practices of both companies, we aim to create opportunities that benefit all stakeholders in Zambia and the SADC region.”

Lishala Situmbeko, CEO of Access Bank Zambia, added, “We are thrilled that this transaction has concluded. This union of two esteemed institutions will result in a stronger, more competitive financial entity, contributing to Zambia’s economic recovery. Leveraging operational and cultural strengths, we aim to benefit all stakeholders. As we align our products and services, we assure customers of continued access to a broader product suite in the future.”

Key highlights post-integration:

– Customers will have access to over 60 branches, 5 cash centers, 8 agencies, more than 5,300 Tenga Express Agents, and a network of over 240 ATMs across Zambia.
– Corporate clients will benefit from an enlarged balance sheet, expanded international footprint, and increased access to trade finance, treasury services, international payments, and loans via an extensive network spanning three continents and 21 markets.
– SMEs will receive support aligned with their growth ambitions.
– Enhanced focus on digitalization and ease of revenue collection for the public sector.
– Improved opportunities for employee development and career growth within a larger network.
– A commitment to serving communities by extending financial services and fostering financial inclusion.

Atlas Mara’s Acting Managing Director, Bobbline Cheembela, highlighted the synergies resulting from the combination, creating an industry leader championing the country’s interests and enhancing customer service and stakeholder value.

The integration process is underway, ensuring a seamless transition once the merger concludes. During this phase, customers will continue services through their respective banks. The focus is on amalgamating operations, streamlining products, and offering a unified service platform.

Hyacinth Beluchukwu Nwafor

Hyacinth Beluchukwu Nwafor is a seasoned journalist and the CEO/Founder Belch Digital Communications, publishers of Hybrid News Nigeria.

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