Access Holdings Plc has received final regulatory approval for acquiring and merging Access Bank Zambia and African Banking Corporation Zambia Limited.
A statement by the Company Secretary, Sunday Ekwochi, on Friday, said the transaction would be completed in the third quarter of 2023, stating that the Central Bank of Nigeria (CBN) and the Common Market for Eastern and Southern Africa Competition Commission earlier granted their “no objection” to the transaction in 2022.
“Access Holdings Plc is pleased to announce that Access Bank Zambia Ltd., a subsidiary of its flagship subsidiary, Access Bank, has received final regulatory approval from the Central Bank of Zambia for acquiring and merging African Banking Corporation Zambia Limited into its existing operations.”
Speaking on the transaction, the Group Chief Executive Access Holdings, Dr. Herbert Wigwe, said the transaction followed its earlier acquisition and merger of Cavmont Bank Plc.
“The transaction builds on our earlier acquisition and merger of Cavmont Bank Plc into Access Bank Zambia and underscores our resolve to strengthen our presence in Zambia, a key African market that fits into our strategic focus on geographic earnings growth and diversification.
“The combination of the two banks will create significant synergies between Access Zambia’s world-class wholesale and transaction banking capabilities and Atlas Mara Zambia’s market-leading retail and public sector capabilities to form a market-leading universal banking platform that will greatly impact the Zambia market,” Wigwe said.
He said Access Zambia will now move toward integrating and merging Atlas Mara Zambia into its operations.
This, according to him, is expected to create one of the top five banks in Zambia.