Access Holdings Expands, As Access Bank Zambia Acquires Atlas Mara.

Access Holdings Plc said Access Bank Zambia Limited (Access Zambia), a subsidiary of its flagship 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. 

The latest development, according to Sunday Ekwochi, Company Secretary, Access Holdings, is a big step on its earlier announcement on October 25, 2021. 

In 2022, 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. 

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

Dr. Herbert Wigwe, Group Chief Executive Access Holdings, while commenting on the transaction, 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”. 

He added that 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. 

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The Transaction is expected to be completed in Q3, 2023.

The new addition to the Access Bank family, Daily Independent learnt, is a demonstration of the corporation’s readiness and desire to take financial services to the nook and crannies of the African continent. 

Access Bank Pic, a wholly owned subsidiary of Access Holdings Pic in October 2022, entered into a binding agreement with Montepio Holdings SGPS S.A (‘Montepio’) to acquire a 51 per cent majority shareholding in Finibanco Angola S.A. 

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