Access Bank Zambia Limited (Access Bank) announced today that it has completed its acquisition of African Banking Corporation Zambia Limited, trading as Atlas Mara Zambia (Atlas Mara) after obtaining all requisite regulatory approvals.
According to a statement from the bank, Atlas Mara is now a wholly-owned subsidiary of Access Bank Zambia. Following these regulatory approvals, the two banks will continue to operate separately until all integration-related processes are finalized.
Once the merger is complete, the combined entities will become one of Zambia’s top five banks by revenue with prospects to be in the top three by 2027.
What Access Bank said:
Roosevelt Ogbonna, Managing Director/Chief Executive Officer of Access Bank Plc said:
- “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.
- 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, added:
- “We are extremely pleased that this transaction has come to a close. By bringing together these two great businesses, we are creating a stronger, more competitive financial institution that will play a role in delivering on Zambia’s economic recovery.
- We look forward to leveraging the operational and cultural strengths of both businesses to benefit all stakeholders. As we continue to finalize the alignment of our products and services, we will ensure that our customers continue to enjoy the benefits of the broader product suite in the future.”
Combined balance sheet:
According to the statement, upon full integration of the two banks, customers will have access to a total of over 60 branches, 5 cash centres, 8 agencies, more than 5,300 Tenga Express Agents, and a network of over 240 ATMs across the country.
It noted that 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 which today spans three continents and 21 markets.
Stakeholders will also benefit from Access Bank’s presence in the key trade corridors that connect Africa with the United Kingdom, UAE, China, Lebanon, France, Hong Kong, and India, among other things.
What Atlas Mara said:
Atlas Mara Acting Managing Director Bobbline Cheembela said that combining with Access Bank allows us to bring together the best qualities, capabilities, and resources of both organizations.
- Atlas Mara’s expansive network and contribution to the public sector and capability in global markets and treasury, combined with Access Bank’s focus on SMEs and making trade finance, treasury, and corporate lending expertise available to Zambian MNCs and SMEs has not only created an industry leader, but a champion for our country.
- We now have a better rounded and more comprehensive skill set available to us as a combined business and this enables us to better serve our customers and other stakeholders.”
- “Ultimately, we want to continue to deliver a holistic service offering that benefits our customers from a shared focus on financial inclusion and digital banking” Situmbeko concluded.
Thanks Chris for this information and your analysis. What is the implication of this acquisition to the value of Accesscorp Shares? Can one go ahead to buy the bank’s shares in anticipation of improved Return on Investment.