Business
Access Holdings acquires Megatech Insurance Brokers Ltd.
Access Holdings acquires Megatech Insurance Brokers Ltd.
Access Holdings Plc has recently announced the acquisition of Megatech Insurance Brokers Limited, a licensed and regulated insurance brokerage company by the National Insurance Commission. This strategic move was communicated to the investing public and the Nigerian Exchange Limited through a notice signed by Sunday Ekwochi, the Company Secretary.
In the statement, Access Holdings Plc expressed its satisfaction with obtaining all necessary regulatory approvals for the acquisition of Megatech Insurance Brokers Limited. The group emphasized that this acquisition aligns with its vision of building a globally connected community of ecosystems inspired by Africa for the world. Furthermore, Access Holdings stated that the addition of Megatech to its portfolio of product offerings will enhance its ability to manage risk efficiently and pursue growth opportunities with confidence.
Dr. Herbert Wigwe, Group Chief Executive Officer of Access Holdings, highlighted the significance of the acquisition, stating that it is a natural progression in the company’s evolution as a globally connected community and ecosystem. He emphasized that the acquisition is in line with the company’s mission to provide intelligent solutions that mitigate the unique risks faced by individuals and businesses in an ever-changing world, using leading risk management tools and governance standards.
In a related development, Access Bank Zambia Limited recently completed the acquisition of African Banking Corporation Zambia Limited, trading as Atlas Mara Zambia, after obtaining all requisite regulatory approvals. This acquisition positions Atlas Mara as a wholly-owned subsidiary of Access Bank Zambia, with both entities operating separately until the integration-related processes are finalized. Upon completion of the merger, the combined entities are expected to become one of Zambia’s top five banks by revenue, with aspirations to be in the top three by 2027.
Roosevelt Ogbonna, Managing Director and Chief Executive Officer of Access Bank Plc, expressed the significance of the acquisition in the bank’s journey towards becoming the world’s most respected African bank. He highlighted the potential for success in harmonizing the brands, heritage, values, and best practices of both companies to create opportunities for stakeholders in Zambia and the SADC region. Lishala Situmbeko, CEO of Access Bank Zambia, also shared his enthusiasm for the transaction’s completion, emphasizing the creation of a stronger and more competitive financial institution that will contribute to Zambia’s economic recovery.
The acquisition of Megatech Insurance Brokers Limited and the completion of the acquisition of Atlas Mara Zambia by Access Bank Zambia exemplify Access Holdings’ and Access Bank’s commitment to strategic growth and expansion. These moves not only enhance the companies’ product offerings and capabilities but also position them for greater success in the African financial services industry. As the integration processes unfold, stakeholders can look forward to the realization of synergies and the delivery of enhanced value across the board.