Access Bank Group, straight from acquiring Cavmont bank in Zambia has announced its intentions to grow its Zambian business by announcing a “merger” with Atlas Mara.
The West African bank has announced that it is merging its Zambian operations – Access Bank Zambia and Atlas Mara Zambia, but the statement also confirmed that the enlarged operation will be called Access Bank Zambia.
Upon completion of the transaction, Access Bank expects to retain or increase current shareholding in Access Bank Zambia
Access Bank Zambia will have over 70 branches and agencies, approximately $1 billion in total assets and over 300,000 customers after the merger
Transaction will not require significant additional capital investment from Access Bank
Deal is expected to be concluded in 2022, subject to regulatory approvals in Nigeria and Zambia.
Access Bank Group CEO Herbert Wigwe in a statement on the Nigerian Exchange website. stated that “this transaction is a milestone that brings us closer to our broader strategic objectives. The merger of Atlas Mara Zambia and Access Bank Zambia is expected to augment our presence in Zambia and the wider COMESA region.”
The Access Bank Group CEO has also hinted that its newly recruited country manager Lishala Situmbeko will lead the merged entity which effectively means that this may be at the expense of the Atlas Mara top management team.
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This bank is growing at fast rate if well managed may become the biggest in terms of branch network in Zambia.
Great, HH has come with a lot of good will, this bank will now be a formidable big bank with this merger.
Someone here thinks this an overnight deal… the process started sometime back.
I can never bank with an African bank. I only trust the swiss banking system. Maybe under hh I might reconsider
This is the Bank that was rumored to have been bought by Tasila. I hope he has learnt that fake news can cost you.
Once a mighty zambian bank. Has finally landed itself in Nigeria. Shame on you RB.
Our own PF wants to buy banks, you go nyonyonyo, but Nigerian crooks come cheating you that they have long ones.
Idyots….
Atlas Mara issued visa cards were not working today except for on atlas mara atm. I hope it wasn’t due to this news that visa has suspended transaction on atlas mara issued cards.
Access Bank is Nigerian owned. I do NOT trust any Nigerian, and especially not Nigerian bankers!
Just been doing my amateur analysis of the weakening of the Kwacha and the promises that two hours after being sworn in, the Kwacha would appreciate to K10 per USD. Zambia is mainly an import based country and as such there’s high demand for the USD so what magic was the man going to use. People are everyday ordering essentials and vehicles from overseas while our exports remain static so how can one improve the Kwacha in just a matter of hours? Tell me if this can work.
I don’t trust anything Nigerian apart from Pepe soup
Very sad news. We cannot be having Nigerian banks and other dominate Zambia. We need our own banks. Cannot trust Nigerian banks.
So many crude and primitive xenophobic comments here. Little wonder Zambia is struggling to progress…smh
the work ethic for Access Bank Zambia is admirable well done: this is African owned bank