Sunday, June 16, 2024

Atlas Mara, Access eye ‘Champions League’ after merger

Share

By BENEDICT TEMBO

Atlas Mara Bank Acting Chief Executive Officer Bobblin Cheembela says Atlas Mara’s merger with Access Bank Zambia Limited will put the merged bank in a stronger fourth position which will be better placed to challenge the top three banks in Zambia and possibly get to the top within five years.

“Atlas Mara Zambia has a strong retail and public sector business. With the deep pockets and ambitions of Access Bank on the continent, we expect the new merged bank to be a force for good in the Zambian banking landscape,” Mr Cheembela said
In March this year, Access Zambia received the final regulatory approval from the Bank of Zambia for the acquisition and merger of Atlas Mara Zambia into its existing operations.

The Central Bank of Nigeria and Common Market for Eastern and Southern Africa (COMESA) Competition Commission had earlier granted the “no objection” to the transaction in 2022.

The approval by the Bank of Zambia meant that Access Bank Zambia will now move towards integrating and merging Atlas Mara Zambia into its operations, which is expected to create one of the top five banks in Zambia.

“We will become part of a larger bank. Top five in terms of profit and balance sheet,” Mr Cheembela said

On the progress towards the merger, Mr Cheembela said:” So far so good. We expect to become one bank around August this year.”
He said Atlas Mara and Access Bank will have a one management team drawn from the best of both banks.

“A bigger and better bank drawing on the best of Atlas Mara and Access Bank. With Access Bank being in 12 African countries and in Europe, Asia and America, the benefits of such spread should trickle down to both customers and staff. Access Bank is currently the largest bank in Africa in terms of number of customers,” Mr Cheembela said.

The acquisition of Atlas Mara builds on Access Bank’s earlier acquisition and merger of Cavmont Bank Plc.

It underscores Access Bank’s resolve to strengthen its presence in Zambia, a key African market that fits into its strategic focus on geographic earnings growth and diversification.

Atlas Mara Zambia was created following the acquisition of Finance Bank Zambia Limited in 2016 and subsequent consolidation with Atlas Mara’s existing Zambian subsidiary, African Banking Corporation Zambia Limited.

3 COMMENTS

  1. Just a bunch of crooks stealing from the poor I mean why is it so hard in Zambia not to have a basic account with a card without any monthly charges!!

Comments are closed.

Read more

Local News

Discover more from Lusaka Times-Zambia's Leading Online News Site - LusakaTimes.com

Subscribe now to keep reading and get access to the full archive.

Continue reading