Access Bank Plc (NGX Ticker: ACCESS) on 25th October 2021 announces that it has executed a binding agreement with Atlas Mara Limited on a proposed merger between African Banking Corporation Zambia Limited and the Bank’s subsidiary in Zambia, Access Bank Zambia Limited.
At the completion of the prospective transaction, ACCESS is expected to retain or increase its current shareholding in Access Bank Zambia.
With the merger, the Bank will have over 70 branches and agencies, approximately US$1 billion in total assets and over 300,000 customers in Zambia.
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According to the publication by the Bank, the transaction will not require significant additional capital investment requirements from the Bank given the capital and other synergies created from the merger between Access Bank Zambia with Cavmont Bank in 2020.
Commenting on the transaction, Dr. Herbert Wigwe, GMD/CEO of the Bank said:
This transaction represents another milestone that brings us closer to the achievement of our broader strategic objectives. The merger of Atlas Mara Zambia with Access Bank Zambia is expected to augment our presence in Zambia and the broader COMESA region, Africa’s largest free trade area.
We are particularly excited by the prospects that brings increased earnings contribution to the Bank from the enlarged Access Bank Zambia, which has also announced the appointment of a new Managing Director, Mr. Lishala Situmbeko, who brings over 25 years of cognate experience and deep local relationships into our Zambian operation.
Today’s announcement is a testament to the strong confidence of the Zambian market in the Bank’s country and regional strategy as well as our strong confidence in the long-term prospects for the Zambian economy.
ACCESS bank has been expanding its presence across the continent, as it strives to become the preeminent bank on the continent.
Nnamdi Maduakor is a Writer, Investor and Entrepreneur
