Access Bank Zambia Limited has today announced the completion of the acquisition of African Banking Corporation Zambia Limited, trading as Atlas Mara Zambia after obtaining all requisite regulatory approvals.
Speaking during the announcement of the merger in Lusaka today, Access Bank Zambia Limited Chief Executive Officer Lishala Situmbeko said once the merger is complete, the combined entities will become one of Zambia’s top five banks by revenue with prospects to be in the top three by 2027.
Mr. Situmbeko stated that the bringing together of these two great businesses is creating a stronger, more competitive financial institution that will play a role in delivering on Zambia’s economic recovery.
He explained that the coming together of the 2 banks will see corporate customers benefit from a larger combined balance sheet, a broader international footprint and increased access to trade finance, treasury, international payments and loans via the wider distribution network of the enlarged bank which today spans three continents and 21 markets.
Mr. Situmbeko adds that the merger will provide the opportunity for the combined bank’s stakeholders to benefit from access bank’s commitment on extending financial services to the unbanked and deepening its financial services offerings to banked customers.
And Atlas Mara Acting Managing Director Bobbline Cheembela said that following this regulatory milestone, the two banks will continue to operate separately until all integration related processes are finalized.
Mr. Cheembela added that combining with access bank allows Atlas Mara to bring together the best qualities, capabilities and resources of both organizations.
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