Access Holdings Plc has announced the final approval for the acquisition and merger of Access Bank Zambia and African Banking Corporation Zambia Limited.
The transaction is expected to be completed in the third quarter of 2023.
The Central Bank of Nigeria and the Common Market for Eastern and Southern Africa Competition Commission had granted their “no objection” to the transaction in 2022.
According to the company secretary, Sunday Ekwochi, Access Holdings Plc is delighted to receive final regulatory approval from the Central Bank of Zambia for the acquisition and merger of African Banking Corporation Zambia Ltd into its existing operations.
The Group Chief Executive Access Holdings, Dr Herbert Wigwe, said the transaction would create one of the top five banks in Zambia, strengthening their presence in a key African market that fits into their strategic focus on geographic earnings growth and diversification.
Access Zambia will integrate and merge Atlas Mara Zambia into its operations, creating a market-leading universal banking platform that will significantly impact the Zambia market.
