Access Bank Plc, a subsidiary of Access Holdings, has successfully finalized the acquisition of African Banking Corporation Zambia Limited, commonly known as Atlas Mara Zambia.
The completion of this acquisition was confirmed by Sunday Ekwochi, the company secretary, in a corporate filing on the Nigerian Exchange Limited (NGX) on Monday.
The acquisition comes more than two years after Access Bank signed an agreement to merge with Atlas Mara Limited through its subsidiary, Access Bank Zambia Limited.
Following the completion of the deal, Atlas Mara Zambia now stands as a wholly-owned subsidiary of Access Zambia.
Sunday Ekwochi, the company secretary, highlighted that the strategic objective is for Access Zambia to play a pivotal role in propelling the country’s economic growth. The bank aims to achieve this by offering innovative and personalized products and services to both corporate and retail segments.
“With the completion of the acquisition, Access Zambia will now move towards integrating and merging Atlas Mara Zambia into its operations, to create one of the top five banks in Zambia by total assets, with prospects to be in the top three by 2027,” the company stated.
Herbert Wigwe, the Group Chief Executive Officer (GCEO) of Access Holdings, expressed optimism about the venture, stating, “This marks a significant milestone for Access Bank as we work towards achieving our vision of being the World’s Most Respected African Bank.”
He emphasized the commitment to harmonizing the strengths, heritage, values, and best practices of both entities to create opportunities for stakeholders in Zambia and the Southern African Development Community (SADC) region.
