The Bank of Zambia has approved the acquisition of African Banking Corporation limited (Atlas Mara) by Access Bank of Zambia limited and the subsequent merger of the two entities effective March, 2023.
In a press statement availed to the media by Bank of Zambia Assistant Director, Communications, Besnat Mwanza says the approval is reflective of the Bank of Zambia’s commitment to financial systems stability and support the Banking sector in playing a meaningful role in economic development.
Ms Mwanza has since informed the public that in the meantime, the two Banks will operate as two separate entities until the process of regulatory consolidation and transitioning has been concluded.
She said once concluded, the merged Banks will operate as Access Bank Zambia limited.
The Bank of Zambia has since encouraged customers and members of the public who have queries on this acquisition and merger to directly contact Access Bank of Zambia.
This merger I hope will bring in the much needed FOREX into the economy.
How do you or GRZ own the bank? Really laughable
How can you talk of aquisitions without mentioning how much figures are involved? These new banks in Africa are just scammers to such the money off the poor desperate Africans …this will make the already rich fat cat banker owner former Barclays Executive Bob Diamond and Ugandan billionaire entrepreneur Ashish Thakkar through Atlas Merchant Capital LLC and Mara Group Holdings Limited as their investment vehicles respectively.
Valid point figures must be mentioned we need to know the figures involved and how much of this will actually be injected into the domestic economy. Why are people always keeping silent over key financial transactions in Zambia? Us the people have a right to know.
This Access Bank is a Nigerian bank its listed on the Nigerian stock exchange ..there are just killing off competition and acquiring assets. This is what Zambian banks should be doing now expanding and growing!!
Two useless banks, that is why I bank with Russian and Arab banks
Humpty Dumpty sat on a wall,
Humpty Dumpty had a great fall.
All the king’s horses and all the king’s men
Couldn’t put Humpty together again.
Atlas Mara, the brain child of BancABC, swallowed one of our indigenous widely accessible, reliable Zambian banks, Finance Bank.
Eight years down the line, Atlas is taken over by Access Bank. Who has benefitted between Access and ABC? BIAO bank grew too big, but failed to sustain the pressure on its shoulders. I hope Access has the muscle to survive long enough.
Not forgetting Cavmont Bank Zambia
Just like the late intermarket Bank….doing business in Zambia is a big challenge…tough…paying workers…weak currency…corruption…nepotism….bad work ethics….you name it
If you’re running a successful business in Zambia I salute you