Bank Of Zambia Announces Merger Between Atlas Mara With Access Bank

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Brand Spur
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Bank Of Zambia Announces Merger Between Atlas Mara With Access Bank

Bank of Zambia, has announced its approval of the acquisition of the African Banking Corporation Limited (Atlas Mara) by Access Bank Zambia Limited and thereby announcing a merger between the two financial institutions.

According to a statement released by the Bank of Zambia assistant director-communications, Besnart Mwanza released on Saturday. He said that the two banks would operate as separate entities in the meantime while the process of regulatory consolidation and transitioning was completed.

He said “The Bank of Zambia announces that it has approved the acquisition of African Banking Corporation Limited (Atlas Mara) by Access Bank Zambia Limited and the subsequent merger of the two entities effective March 23, 2022. This approval is reflective of the Bank of Zambia’s commitment to financial system stability and support to the banking sector”.

The merger between the two banks was first announced in October 2021, when Access Bank Plc, entered a binding pact with Atlas Mara Zambia, which has now morphed into a full acquisition of Atlas Mara.

Access bank Zambia hopes to become one of the top lenders in the Southern African country with the new merger. It hopes to deliver 70 branches and agencies and total assets in the neighborhood of #$1 billion as well as over 300,000 customers in Zambia.