Access Holdings says its subsidiary, Access Bank Plc, has completed the acquisition of African Banking Corporation Zambia Limited, also known as Atlas Mara Zambia.
Sunday Ekwochi, the company secretary, made this known in a corporate filing on the Nigerian Exchange Limited (NGX), on Monday.
The development is coming more than two years after the bank signed an agreement to merge with Atlas Mara Limited with Access Bank Zambia Limited.
Ekwochi said Atlas Mara Zambia is now a wholly-owned subsidiary of Access Zambia.
He said the goal is for Access Zambia to play a pivotal role in driving the country’s economic growth, offering innovative and personalised products and services to both the corporate and retail segments.
“With the completion of the acquisition, Access Zambia will now move towards integrating and merging Atlas Mara Zambia into its operations, to create one of the top five banks in Zambia by total assets, with prospects to be in the top three by 2027,” the company said.
Commenting on the development, Herbert Wigwe, group chief executive officer (GCEO) of Access Holdings, said Zambia is set to experience the best practices.
“This marks a significant milestone for Access Bank as we work towards achieving our vision of being the World’s Most Respected African Bank,” Wigwe said.
“We are poised for success by harmonising the robust brands, rich heritage, shared values, and best practices of both companies to create opportunities for all our stakeholders in Zambia and the SADC region.”
On July 12, 2023, Access Holdings announced the acquisition of a majority equity stake in Finibanco, an Angolan Bank.