Access Bank Plc has announced that it has executed a binding agreement with Atlas Mara Limited on a proposed merger between African Banking Corporation Zambia Limited and the Bank’s subsidiary in Zambia, Access Bank, Zambia Limited.
Upon completion of this prospective transaction, the Bank is expected to retain or increase its current shareholding in Access Bank Zambia, which following the merger will have over 70 branches and agencies, approximately $1 billion in total assets and over 300,000 customers in Zambia.
The transaction will not require significant additional capital investment requirement from the Bank given the capital and other synergies created from the merger between Access Bank Zambia with Cavmont Bank in 2020. The proposed transaction is expected to be concluded in 2022, subject to the fulfilment of conditions precedent including regulatory approvals in Nigeria and Zambia.
Commenting on the transaction, Dr Herbert Wigwe, GMD/CEO of Access Bank stated thus:
“This traction represents another milestone that brings us closer to the achievement of our broader strategic objectives. The merger of Altas Mara Zambia with Access Bank Zambia is expected to augment our presence in Zambia and the broader COMESA region, Africa’s largest free trade area”.