Tuesday, July 23, 2024

Access Bank finalizes acquisition of atlas mara Zambia and consolidates its position as one of the largest banks

Access Bank recently finalized the acquisition of African Banking Corporation Zambia Limited, known as Atlas Mara Zambia, consolidating its position as one of the five largest banks in the country. The financial institution announced this development.

The completion of this transaction follows regulatory approval and the fulfillment of all contractual conditions, allowing Atlas Mara to become a wholly-owned subsidiary of Access Bank Zambia. Both banks will continue to operate independently until all integration processes are completed.

Under the terms of the agreement, the two banks will operate separately until the integration is finalized. Once the merger is complete, the combined entity aims to be among the top five revenue-generating banks in Zambia, with aspirations to be in the top three by 2027.

This strategic move allows Access Bank to expand its operations, offering a wider range of financial services and strengthening its commitment to Zambia’s economic development. Over the last two years, Access Bank has strengthened its presence in Africa. In the second half of 2023, the bank acquired stakes in two banks in Angola and acquired Standard Chartered in countries such as Cameroon, Gambia and Sierra Leone. In addition, the bank concluded an agreement for Consumer, Private & Business Banking in Tanzania.

Expressing his satisfaction with the acquisition, Marco Abalroado, CEO of Access Bank Mozambique, said: “This acquisition marks a significant milestone in our strategy of expansion and continued growth. In the last year alone, we have made new acquisitions in four countries, positioning us to better serve the financial needs of our clients in Mozambique and the SADC region. We believe that this integration will provide operational and strategic synergies, allowing us to optimize resources and offer innovative and efficient financial services.”

Following the full integration of the two banks, both public and private clients of Access Bank in Zambia will benefit from an expanded and comprehensive range of services. This expansion includes access to more than 60 branches, five treasury centers and a network of more than 240 ATMs across the country.

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