Access Bank acquires ABC

Access Holdings Plc, a Nigerian multinational commercial bank, has received regulatory approval from the Central Bank of Zambia for the acquisition and merger of Access Bank Zambia Limited and African Banking Corporation Zambia Limited into its existing operations. The announcement was made by the company secretary, Sunday Ekwochi, in a statement over the weekend.

The Central Bank of Nigeria and Common Market for Eastern and Southern Africa Competition Commission had earlier given their “no objection” to the transaction in 2022. With this latest approval, Access Bank Zambia Limited will begin integrating and merging Atlas Mara Zambia into its operations, which is expected to make it one of the top five banks in Zambia.

According to Access Holdings’ Group Chief Executive, Dr. Herbert Wigwe, the acquisition and merger of the two banks will create significant synergies between Access Zambia’s wholesale and transaction banking capabilities and Atlas Mara Zambia’s market-leading retail and public sector capabilities to form a market-leading universal banking platform that will have a major impact on the Zambian market.

This acquisition is part of Access Holdings’ strategy to strengthen its presence in Zambia, a key African market that fits into its focus on geographic earnings growth and diversification.