Access Bank wraps up acquisition of Atlas Mara in Zambia

Business a.m

Access Holdings Plc, the parent company of Access Bank Plc, has announced the successful acquisition of African Banking Corporation Zambia Limited ,trading as Atlas Mara Zambia (AMZ) by Access Bank Zambia Limited.

With the legal and regulatory aspects of the acquisition complete, Access Bank Zambia will now focus on the integration and merger of Atlas Mara Zambia, combining the strengths of both organisations to create a leading bank in the country. The combined entity is expected to be one of the top five banks in Zambia by total assets, with the potential to be in the top three by 2027. 

The merger of Access Bank Zambia and Atlas Mara Zambia will provide an opportunity for both banks’ stakeholders to benefit from Access Bank’s commitment to financial inclusion. Access Bank is known for its efforts to extend financial services to the unbanked and deepen its services for banked customers. The combined entity will be able to leverage Access Bank’s expertise in this area, while also leveraging the strengths of Atlas Mara Zambia.

Among other benefits, the full integration of Access Bank Zambia and Atlas Mara Zambia,is expected to grant customers access to a larger branch network, a wider range of ATMs and agencies, and more comprehensive financial services. Corporate customers, in particular, will benefit from the combined bank’s larger balance sheet, broader international footprint, and increased access to trade finance, treasury, international payments, and loans. Stakeholders will also benefit from Access Bank’s global reach, which includes a presence in key trade corridors between Africa and the UK, UAE, China, Lebanon, France, Hong Kong, and India.

Commenting on the development, Roosevelt Ogbonna, managing director/chief executive officer, Access Bank described it as a significant milestone for Access Bank Plc as it works towards achieving the vision of being the world’s most respected African bank. 

“We are poised for success by harmonising the robust brands, rich heritage, shared values, and best practices of both companies in creating opportunities that extend to all our stakeholders in Zambia and the SADC region,” Ogbonna said. 

Lishala Situmbeko, CEO of Access Bank Zambia,expressed his delight that the acquisition process has been completed. He highlighted that by combining the strengths of Access Bank and Atlas Mara Zambia, the new entity will be better positioned to drive economic recovery in Zambia.

He added, “We look forward to leveraging the operational and cultural strengths of both businesses to benefit all stakeholders. As we continue to finalise the alignment of our products and services, we will ensure that our customers continue to enjoy the benefits of the broader product suite in the future.”

Bobbline Cheembela, acting managing director of Atlas Mara noted that the combination of Atlas Mara and Access Bank will bring together the best qualities, capabilities, and resources of both organisations. 

He said, “Atlas Mara’s expansive network and contribution to the public sector and capability in global markets and treasury, combined with Access Bank’s focus on SMEs and making trade finance, treasury, and corporate lending expertise available to Zambian MNCs and SMEs has not only created an industry leader, but a champion for our country. We now have a better rounded and more comprehensive skill set available to us as a combined business and this enables us to better serve our customers and other stakeholders.”

Situmbeko further stated that the merger will enable the two organisations to offer an even more comprehensive and convenient service offering to their customers. He highlighted the shared focus on financial inclusion and digital banking, two key areas where the new entity will be able to make a positive impact.