Access Bank Zambia Limited has concluded the acquisition of African Banking Corporation Zambia Limited, known as Atlas Mara Zambia (Atlas Mara), following the attainment of all required regulatory approvals.
This development positions Atlas Mara as a wholly-owned subsidiary of Access Bank Zambia, enhancing the Zambian financial sector.
The two entities will maintain separate operations until the integration processes are finalised. Access Bank envisions the merger driving the combined institutions into the ranks of Zambia’s top five banks by revenue, with aspirations to secure a position in the top three by 2027.
Roosevelt Ogbonna, the Managing Director/Chief Executive Officer of Access Bank Plc, conveyed the importance of this move, stating, “This marks a significant milestone for Access Bank Plc as we work towards achieving our vision of being the world’s most respected African bank.” Ogbonna emphasized the integration of brands, heritage, values, and best practices to create opportunities for stakeholders in Zambia and the SADC region.
Lishala Situmbeko, CEO of Access Bank Zambia, pointed to the satisfaction with the transaction’s closure. He emphasized the creation of a stronger, more competitive financial institution that would be essential in Zambia’s economic recovery.
Upon full integration, customers can anticipate access to an extensive network, including over 60 branches, 5 cash centres, 8 agencies, more than 5,300 Tenga Express Agents, and a network of over 240 ATMs across Zambia. Corporate customers stand to benefit from an enlarged balance sheet, an expanded international footprint, and increased access to various financial services.
Stakeholders will gain advantages from Access Bank’s presence in key trade corridors connecting Africa with the United Kingdom, UAE, China, Lebanon, France, Hong Kong, and India. The move is expected to enhance trade finance, treasury services, and international payments.
Atlas Mara’s Acting Managing Director, Bobbline Cheembela, expressed enthusiasm about the union, highlighting the combination of qualities, capabilities, and resources. The collaboration aims to establish an industry leader and a champion for Zambia, blending Atlas Mara’s network and public sector contributions with Access Bank’s focus on SMEs and expertise in trade finance, treasury, and corporate lending.
Cheembela underlined a holistic service offering focused on financial inclusion and digital banking, outlining the shared commitment to delivering comprehensive benefits to customers.
