By Aduragbemi Omiyale
Access Bank Zambia Limited has acquired one of the biggest lenders in the country, African Banking Corporation Zambia Limited, trading as Atlas Mara Zambia.
This transaction, which has been approved by the necessary regulators in Zambia, is expected to increase the number of branches of the company to over 60, according to a statement from the financial institution.
Business Post gathered that the two banks will merge into an entity, giving customers access to five cash centres, eight agencies, more than 5,300 Tenga Express Agents and a network of over 240 ATMs across the country.
“This marks a significant milestone for Access Bank Plc as we work towards achieving our 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,” the chief executive of Access Bank Plc, Mr Roosevelt Ogbonna, said.
Also commenting, the chief executive of Access Bank Zambia, Mr Lishala Situmbeko, noted that, “We are extremely pleased that this transaction has come to a close.
“By bringing together these two great businesses, we are creating a stronger, more competitive financial institution that will play a role in delivering on Zambia’s economic recovery.
“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.”
On his part, the Acting Managing Director of Atlas Mara, Mr Bobbline Cheembela, said, “Combining with Access Bank allows us to bring together the best qualities, capabilities and resources of both organisations.
“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.
“Ultimately, we want to continue to deliver a holistic service offering that benefits our customers
from a shared focus on financial inclusion and digital banking.”
Access Bank Zambia said with this deal, its customers would benefit from Access Bank’s presence in the key trade corridors which connect Africa with the United Kingdon, UAE, China, Lebanon, France, Hong Kong and India.
It noted that the merger would 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.
In addition, Across Zambia, stakeholders will benefit from the presence of an African financial services group that, at its core, has been built on the foundation of ensuring that the communities within which it operates are better equipped to succeed.
