Access Bank Zambia set to merge with African Banking Corporation
Access Bank Zambia Limited is set to merge with African Banking Corporation Zambia Limited (ABC) following the approval of the decision by the Central Bank of Zambia.
Access Corporation, the bank's parent company, announced this in a regulatory filing on Friday.
The business combination was first announced in October 2021 when Access Bank Plc entered into a binding pact with Atlas Mara Zambia, owner of ABC Zambia, which subsequently resulted in the acquisition of the latter.
"The Central Bank of Nigeria and the Common Market for Eastern and Southern Africa Competition Commission had previously granted their 'no objection' to the transaction in 2022," Access Corporation said in the memo viewed by PREMIUM TIMES.
Access Bank Zambia hopes to become one of the southern African country's leading lenders following the merger. It is expected to deliver 70 branches and agencies and total assets of approximately $1 billion, as well as over 300,000 customers in Zambia.
The Zambian unit of Nigeria's largest bank by assets had merged in 2020 with Cavmont Bank Zambia.
CEO Herbert Wigwe said, "The transaction builds on our previous acquisition and merger of Cavmont Bank Plc with Access Bank Zambia and underscores our determination to strengthen our presence in Zambia, a key African market that fits into our strategic focus on geographic benefits, growth and diversification.”
Mr. Wigwe further stated that the deal will drive crucial synergies between "Access Zambia's world-class wholesale and transaction banking capabilities and Atlas Mara Zambia's state-of-the-art retail and public sector capabilities". p>
READ ALSO: Access Bank denies false reports of association with cryptocurrency platform
He expects the collaboration to produce a market-leading global platform that will dramatically transform the Zambian market.
British Virgin Islands-based Atlas Mara, which has stakes in a number of African lenders, has sold its 50% stake in Union Bank to rival Titan Trust in a deal announced in late 2021.
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Access Bank Zambia Limited is set to merge with African Banking Corporation Zambia Limited (ABC) following the approval of the decision by the Central Bank of Zambia.
Access Corporation, the bank's parent company, announced this in a regulatory filing on Friday.
The business combination was first announced in October 2021 when Access Bank Plc entered into a binding pact with Atlas Mara Zambia, owner of ABC Zambia, which subsequently resulted in the acquisition of the latter.
"The Central Bank of Nigeria and the Common Market for Eastern and Southern Africa Competition Commission had previously granted their 'no objection' to the transaction in 2022," Access Corporation said in the memo viewed by PREMIUM TIMES.
Access Bank Zambia hopes to become one of the southern African country's leading lenders following the merger. It is expected to deliver 70 branches and agencies and total assets of approximately $1 billion, as well as over 300,000 customers in Zambia.
The Zambian unit of Nigeria's largest bank by assets had merged in 2020 with Cavmont Bank Zambia.
CEO Herbert Wigwe said, "The transaction builds on our previous acquisition and merger of Cavmont Bank Plc with Access Bank Zambia and underscores our determination to strengthen our presence in Zambia, a key African market that fits into our strategic focus on geographic benefits, growth and diversification.”
Mr. Wigwe further stated that the deal will drive crucial synergies between "Access Zambia's world-class wholesale and transaction banking capabilities and Atlas Mara Zambia's state-of-the-art retail and public sector capabilities". p>
READ ALSO: Access Bank denies false reports of association with cryptocurrency platform
He expects the collaboration to produce a market-leading global platform that will dramatically transform the Zambian market.
British Virgin Islands-based Atlas Mara, which has stakes in a number of African lenders, has sold its 50% stake in Union Bank to rival Titan Trust in a deal announced in late 2021.
Support the integrity and credibility journalism of PREMIUM TIMES Good journalism costs a lot of money. Yet only good journalism can guarantee the possibility of a good society, an accountable democracy and a transparent government. For free and continued access to the best investigative journalism in the country, we ask that you consider providing modest support to this noble endeavour. By contributing to PREMIUM TIMES, you help sustain relevant journalism and keep it free and accessible to everyone.Donate
[embedded content]TEXT ANNOUNCEMENT: Call Willie - +2348098788999
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