African markets

Access Bank acquires Atlas Mara in Zambia

Access the Bank Group (NGX: ACCESS, GSE: ABG), directly after the acquisition of Cavmont Bank in Zambia, announced its intention to expand its Zambian business by announcing a “merger” with Atlas Mara.

The West African bank has announced that it is merging its Zambian operations – Access Bank Zambia and Atlas Mara Zambia, but the statement also confirmed that the expanded operation will be called Access Bank Zambia.

Upon completion of the transaction, Access Bank plans to maintain or increase its current stake in Access Bank Zambia.

Access Bank Zambia will have over 70 branches and agencies, approximately $1 billion in total assets and over 300,000 customers after the merger

The transaction will not require significant additional capital investment from Access Bank

The deal is expected to close in 2022, subject to regulatory approvals in Nigeria and Zambia.

Access Bank Group CEO Herbert Wigwe in a statement on the Nigerian Stock Exchange website. said that “this transaction is an important step that brings us closer to our broader strategic objectives. The merger of Atlas Mara Zambia and Access Bank Zambia is expected to increase our presence in Zambia and the wider COMESA region.

The Access Bank Group CEO has also hinted that its newly recruited Country Director, Lishala Situmbeko, will lead the merged entity, which effectively means it could come at the expense of Atlas Mara’s management team.

Lusaka timetable