Access Bank Zambia decided to coalesce with African Banking Corporation
Posted On 27 Mar 2023
By Abdul Rahman Bangura-
NEW AFRICA BUSINESS NEWS (NABN) Freetown, Sierra Leone– Access Bank incorporating with African Banking Corporation Zambia Limited (ABC) fulfilling an approval of the motion by the Central Bank of Zambia. Access Corporation – the parent institution of the bank let out in a regulatory filing on Friday March 24th, 2023.
The corporation hodgepodge was early confirmed in October of 2021 at a time when Access Bank Plc reached a required agreement with Atlas Mara Zambia – owners of ABC Zambia, tardily concluding in the accession of the latter.
“The Central Bank of Nigeria and Common Market for Eastern and Southern Africa Competition Commission had earlier granted their “non-objection” to the transaction in 2022,” Access Corporation asserted.
However, Access Bank Zambia is striving to suit one of the top lenders in the Southern African nation pursuing the merger. It is anticipated to provide 70 branches and agencies and unlimited assets in the neighborhood of $1 billion as adequately as over 300,000 customers in Zambia. The Zambian unit of Nigeria’s biggest bank by assets had in 2020 merged with Cavmont Bank Zambia.
Chief Executive Officer Herbert Wigwe told, “The transaction builds on our earlier acquisition and merger of Cavmont Bank Plc into Access Bank Zambia and underscores our resolve to strengthen our presence in Zambia, a key African market that fits into our strategic focus on geographic earnings growth and diversification.”
He added that, the agreement will provoke significant synergies between “Access Zambia’s world-class wholesale and transaction banking capabilities and Atlas Mara Zambia’s market leading retail and public sector capabilities.”
He hopes that, the alliance will generate a market-leading global strategy that will vastly revamp the Zambia market.
For New Africa Business News (NABN) Abdul Rahman Bangura Reports, Africa Correspondent