Atlas Mara in Zambia gets acquired by Access Bank

Access Holdings through its subsidiary, Access Bank Plc, has finalized the acquisition of African Banking Corporation Zambia Limited, also known as Atlas Mara Zambia. 

The company secretary, Sunday Ekwochi, disclosed this in a corporate filing on the Nigerian Exchange Limited (NGX), saying: “The development is coming more than two years after the bank signed an agreement to merge Atlas Mara Limited with Access Bank Zambia Limited.”

He noted that  Atlas Mara Zambia is now a wholly-owned subsidiary of Access Zambia, adding: “The goal is for Access Zambia to play a pivotal role in driving the country’s economic growth, offering innovative and personalized products and services to both the 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 said.

Remarking on the development, Herbert Wigwe, Group Chief Executive Officer (GCEO) of Access Holdings, said Zambia is set to experience the best practices.

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.”