Nigeria: Access Bank finalizes acquisition of Atlas Mara

Access Holdings has announced the successful completion of its subsidiary, Access Bank Plc’s acquisition of African Banking Corporation Zambia Limited, commonly referred to as Atlas Mara Zambia.

Sunday Ekwochi, the company secretary, made this known 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 with Atlas Mara Limited with Access Bank Zambia Limited.”

He emphasized that with the finalization of the acquisition, Atlas Mara Zambia has become a fully-owned subsidiary of Access Zambia. He further stated that the objective is for Access Zambia to actively contribute to the country’s economic development by providing innovative and personalized financial products and services to both corporate and retail sectors.

“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.

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 harmonising 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.”