Access Bank has successfully acquired African Banking Corporation Zambia Limited, operating under Atlas Mara Zambia. The announcement was made in a notice filed with the Nigerian Stock Exchange on Monday, following the receipt of all necessary regulatory approvals.
Access Bank Zambia Limited, a subsidiary of Nigeria’s Access Corporation, now holds full ownership of Atlas Mara, making it a wholly-owned subsidiary. Both banks will operate separately until all integration-related processes are finalized.
Upon completion of the merger, the combined entities are poised to become one of Zambia’s top five banks by revenue, with aspirations to secure a spot in the top three by 2027. Herbert Wigwe, Group Chief Executive of Access Holdings, expressed enthusiasm about the achievement, positioning Access Bank for success on the global stage.
Lishala Situmbeko, CEO of Access Bank Zambia, emphasized the positive impact of the transaction on Zambia’s economic recovery. The integrated bank will offer customers access to over 60 branches, five cash centers, eight agencies, more than 5,300 Tenga Express Agents, and a network of over 240 ATMs across Zambia.
Access Bank’s expansion in Africa aligns with its strategy to become a leading African bank, leveraging the strengths, values, and strategies of both entities to create opportunities for stakeholders in Zambia and the SADC region.