Thursday, February 22, 2024

Nigeria’s Access Bank in talks to buy Atlas Mara

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Access Bank Plc is in talks about a potential acquisition of assets belonging to Atlas Mara Ltd.

Lagos-based Access Bank is interested in Atlas Mara’s businesses in Botswana, Zimbabwe and Zambia, the people familiar with the matter have said asking not to be identified because the matter is private.

Deliberations are in preliminary stages and no final decision has been made, they said.

If successful, Atlas Mara will be left with its largest investment, a 49.97% stake in Union Bank of Nigeria Plc, which gives it a footprint in Africa’s largest economy.

A deal would also mark the second transaction between Atlas Mara and Access Bank after the Nigerian lender agreed to buy its Mozambique unit at the end of September.

Representatives for Atlas Mara and Access Bank declined to comment.

Zambia was listed among the company’s discontinued operations in its first-half earnings report.

Atlas Mara, which has lost 96% of its value since listing on the London Stock Exchange in 2013, is exiting markets or seeking partners in countries where it doesn’t see opportunities to bulk up or make money.

6 COMMENTS

  1. I hope it isn’t the Luapula United that have started to send fireworks to Dr Bwalya Ng’andu whom we’ve heard as one of the frontrunners to replace the outgoing Edgar. I wish you a quick recovery. When you return to work please safeguard the assets of Atlas Mara that are domiciled in Zambia. This deal mustn’t be concluded offshore without ZRA getting the requisite sales or property transfer tax. We will never forgive you if that happens

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  2. Do not leave Zambia because after Covid and the Chinese take over Zambia there will be a lot of money to be made.

  3. I knew that this bank was gon’ga when I visited Zambia some time ago. The service was pathetic. It could not give out Forex unless you have an account. I saw the writing on the wall.

  4. I’m going to withdraw all my money before it goes to Nigeria.

    Its very risky doing business with Nigerians.

    Actually very dangerous. Nigerians are not a joke.

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