Regulators Approves Access Bank Zambia, African Banking Corporation Merger

Access Holdings Plc (Access Holdings) has announced that Access Bank Zambia Limited, a subsidiary of its 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 operations.

Access Holdings had disclosed the merger plans in its October 25, 2021 announcement,

The Central Bank of Nigeria (CBN) and Common Market for Eastern and Southern Africa Competition Commission had earlier granted  their “no objection” to the transaction in 2022.

Access Zambia will move towards integrating and merging Atlas Mara Zambia into its operations, which is expected to create one of the top five banks in Zambia.

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Group Chief Executive Access Holdings, Herbert Wigwe  said: “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 fits into our strategic focus on geographic earnings growth and diversification.

The combination of 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 Holding Company said,  the transaction is expected to be completed in third quarter (Q3), 2023.

The business combination was first announced in October 2021 when Access Bank Plc entered a binding pact with Atlas Mara Zambia, owners of ABC Zambia, later culminating in the acquisition of the latter.

“The Central Bank of Nigeria and Common Market for Eastern and Southern Africa Competition Commission had earlier granted their “non-objection” to the transaction in 2022,” Access Corporation.

Access Bank Zambia is hoping to become one of the top lenders in the Southern African country following the merger. It is expected to deliver 70 branches and agencies and total assets in the neighbourhood of $1 billion as well as over 300,000 customers in Zambia