Access Bank buys another bank, Herbert Wigwe speaks on achievement

Access Bank Zambia Limited, a subsidiary of Nigeria's Access Corporation, has confirmed the successful acquisition of African Banking Corporation Zambia Limited, which operates under Atlas Mara Zambia.

In a statement released on the Nigerian Exchange, the bank said it has received all necessary regulatory approval to complete the acquisition.

The development means Atlas Mara is now a wholly owned subsidiary of Access Bank Zambia, Punch reports.

The statement added: "Following this regulatory milestone, the two banks will continue to operate separately until all integration-related processes are finalised. ’Once the merger is complete, the combined entities will become one of Zambia’s top five banks by revenue with prospects to be in the top three by 2027."

CEO speaks

Reacting to the transaction, Herbert Wigwe, Group Chief Executive of Access Holdings, expressed delight.

His words: “This represents a major achievement for Access Bank Plc in our pursuit of becoming the most esteemed African bank globally. We're well-positioned for success, aligning the strong brands, extensive history, common values, and top-notch strategies of both entities to generate opportunities that benefit all stakeholders across Zambia and the SADC region.”

Also speaking, Lishala Situmbeko, the CEO of Access Bank Zambia, Lishala Situmbeko said: “We are extremely pleased that this transaction has come to a close. By bringing together these two great businesses, we are creating a stronger, more competitive financial institution that will play a role in delivering on Zambia’s economic recovery.

"We look forward to leveraging the operational and cultural strengths of both businesses to benefit all stakeholders.

"As we continue to finalise the alignment of our products and services, we will ensure that our customers continue to enjoy the benefits of the broader product suite in the future.”

Details on the new bank

The statement from Access Bank also showed that upon full integration of the two banks, customers will have access to over 60 branches, five cash centres, eight agencies, more than 5,300 Tenga Express Agents, and a network of over 240 ATMs across Zambia.