Access Bank Zambia Limited has announced the completion of its acquisition of African Banking Corporation Zambia Limited, also known as Atlas Mara Zambia. This follows the receipt of all necessary regulatory approvals. The two banks will continue to operate separately until all integration processes are finalised. Upon completion, the merged entity is expected to be among Zambia's top five banks by revenue, with potential to rank in the top three by 2027.
Roosevelt Ogbonna, Managing Director/Chief Executive Officer of Access Bank Plc, stated, “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." Lishala Situmbeko, CEO Access Bank Zambia, echoed these sentiments, expressing pleasure at the conclusion of the transaction and outlining plans for leveraging both businesses' strengths to benefit stakeholders.
Upon full integration, customers will have access to over 60 branches, 5 cash centres, 8 agencies and more than 5,300 Tenga Express Agents across Zambia. Corporate customers will benefit from a larger combined balance sheet and increased access to trade finance and international payments. Small and medium-sized enterprises (SMEs) will gain support for their growth ambitions while public sector entities will benefit from enhanced digitalisation efforts.
Bobbline Cheembela, Acting Managing Director at Atlas Mara said that combining with Access Bank would bring together the best qualities and resources of both organisations. The merger is also expected to create opportunities for employees' professional development and extend financial services to unbanked individuals.
In the interim period before full integration is achieved, customers will continue to be serviced through their usual bank. The company’s immediate focus is on integrating the two businesses and working towards operating as a single entity with harmonised products and services.
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