“Access Bank Plc, a subsidiary of Access Holdings, has successfully acquired African Banking Corporation Zambia Limited, dba Atlas Mara Zambia,” the company reports.
This was disclosed on Monday in a corporate filing on the Nigerian Exchange Limited (NGX) by Sunday Ekwochi, the company secretary.
The bank inked a deal to merge with Atlas Mara Limited and Access Bank Zambia Limited more than two years ago, at which point the development took place.
According to Ekwochi, Access Zambia currently has a full stake in Atlas Mara Zambia.
According to him, Access Zambia wants to be a major force behind the nation’s economic expansion by providing both corporate and retail customers with cutting-edge, customized goods and services.
“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 said.
Commenting on the development, Herbert Wigwe, group chief executive officer (GCEO) of Access Holdings, said Zambia is set to experience the best practices.
“This marks a significant milestone for Access Bank as we work towards achieving our vision of being the World’s Most Respected African Bank,” Wigwe said.
“We are poised for success by harmonising the robust brands, rich heritage, shared values, and best practices of both companies to create opportunities for all our stakeholders in Zambia and the SADC region.”
On July 12, 2023, Access Holdings announced the acquisition of a majority equity stake in Finibanco, an Angolan Bank.