Access Bank Zambia, a subsidiary of Access Bank Group plc and a leading full-service commercial bank, has completed the acquisition of African Banking Corporation Zambia Limited (trading as Atlas Mara Zambia) after obtaining regulatory approvals
With this decision, Atlas Mara has become a wholly-owned subsidiary of Access Bank Zambia and the two banks will operate separately until all integration processes are finalised. When this is completed and the two are merged, it is expected the combined entity will represent one of the top five banks in Zambia by revenue.
In the announcement, Access Bank Zambia made clear its intentions to not halt there, however, and has highlighted its target to enter the top three by 2027. This is another step in its ultimate goal of becoming one of the world’s most respected African banks, a vision outlined by Roosevelt Ogbonna, managing director and CEO of Access Bank Plc. He continued, “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.”
When the two banks are fully integrated, customers will have access to more than 60 branches, five cash centres, eight agencies, more than 5,300 Tenga Express Agents and more than 240 ATMs across the country. Meanwhile, a larger combined balanced sheet will help support corporate customers who will also enjoy a broader international footprint and increase access to trade finance, treasury, international payments and loans via the wider distribution network.
Access Bank Zambia also stated the numerous benefits that will come to stakeholders, SMEs, the public sector and its current employees.
Lishala Situmbeko, CEO Access Bank Zambia, added, “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. We look forward to leveraging the operational and cultural strengths of both businesses to benefit all stakeholders. As we continue to finalise the alignment of our products and services, we will ensure that our customers continue to enjoy the benefits of the broader product suite in the future. Ultimately, we want to continue to deliver a holistic service offering that benefits our customers from a shared focus on financial inclusion and digital banking.”