Fri. Nov 22nd, 2024
Two Access Bank employees

By Adedapo Adesanya

Banking regulators have approved the merger between Access Bank Zambia Limited and African Banking Corporation Zambia Limited.

Access Bank Plc announced on October 25, 2021, that it had executed a binding agreement with Altas Maras Limited on a proposed merger between African Banking Corporation Limited (Atlas Mara Zambia) and the bank’s subsidiary in Zambia, Access Bank Zambia.

This was contained in a notice filed by the company by Mr Oyelola Oyeleye, the group’s company secretariat and Mr Sunday Ekwoche, its company secretary, on the NASD Over-the-Counter (OTC) Securities Exchange, where it trades its securities on Friday.

“We are pleased to announce that Access Zambia has received final regulatory approval from the Central Bark of Zambia for the acquisition and merger of Atas Mara Zambia into its existing operations (the Transaction),” the statement read.

It was disclosed that The Central Bank of Nigeria (CBN) and the Common Market for Eastern and Southern Africa Competition Commission had earlier granted their “no objection” to the transaction in 2022.

Following this new development, Access Zambia said it would move towards integrating and merging Atlas Mara Zambia into its operations, which is expected to create one of the top five banks in Zambia.

The transaction is expected to be completed in the third quarter of this year.

By Adedapo Adesanya

Adedapo Adesanya is a journalist, polymath, and connoisseur of everything art. When he is not writing, he has his nose buried in one of the many books or articles he has bookmarked or simply listening to good music with a bottle of beer or wine. He supports the greatest club in the world, Manchester United F.C.

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