Business
Access Bank Zambia Limited Completes Acquisition of Atlas Mara
Access Bank Zambia Limited Completes Acquisition of Atlas Mara
Access Bank Zambia Limited (Access Bank) has recently announced the successful completion of its acquisition of African Banking Corporation Zambia Limited, trading as Atlas Mara Zambia (Atlas Mara), following the receipt of all necessary regulatory approvals.
In a statement released by the bank, it was revealed that Atlas Mara is now a wholly-owned subsidiary of Access Bank Zambia. The two banks will continue to operate separately until all integration-related processes are finalized, following the regulatory approvals.
Upon the completion of the merger, the combined entities are poised to become one of Zambia’s top five banks by revenue, with aspirations to secure a position in the top three by 2027.
Roosevelt Ogbonna, Managing Director/Chief Executive Officer of Access Bank Plc, expressed the significance of this milestone for Access Bank Plc, emphasizing the bank’s vision of being the world’s most respected African bank. He stated, “We are poised for success by harmonizing 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.”
Lishala Situmbeko, CEO of Access Bank Zambia, echoed the sentiment, expressing extreme pleasure at the completion of the transaction. Situmbeko highlighted the creation of a stronger, more competitive financial institution that will contribute to Zambia’s economic recovery. She emphasized the anticipation of leveraging the operational and cultural strengths of both businesses to benefit all stakeholders, ensuring that customers continue to enjoy the benefits of the broader product suite in the future.
Upon full 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 the country. Corporate customers will benefit from a larger combined balance sheet, a broader international footprint, and increased access to trade finance, treasury, international payments, and loans via the wider distribution network of the enlarged bank, spanning three continents and 21 markets.
Access Bank’s presence in key trade corridors connecting Africa with various global destinations such as the United Kingdom, UAE, China, Lebanon, France, Hong Kong, and India will also benefit stakeholders.
Bobbline Cheembela, Acting Managing Director of Atlas Mara, emphasized that combining with Access Bank allows the two organizations to bring together their best qualities, capabilities, and resources. He highlighted the industry-leading position that the combined businesses will hold, emphasizing their commitment to serving the country. Cheembela further expressed the aspiration to deliver a holistic service offering that benefits customers through a shared focus on financial inclusion and digital banking.
The successful completion of the acquisition marks a significant step forward for Access Bank Zambia and Atlas Mara, setting the stage for a stronger, more competitive financial institution that is well-positioned to contribute to Zambia’s economic growth and development. As the integration continues, stakeholders and customers can anticipate a broader range of products and services, enhanced operational capabilities, and an increased focus on financial inclusion and digital banking.
