Access Bank Zambia Limited (Access Bank) proudly announced the successful culmination of its acquisition of African Banking Corporation Zambia Limited, rebranded as Atlas Mara Zambia (Atlas Mara).
With the attainment of all requisite regulatory approvals, this acquisition solidifies Atlas Mara as a wholly-owned subsidiary of Access Bank Zambia, marking a significant stride in the realm of African banking.
In an official statement, Access Bank affirmed its commitment to maintain separate operations until the seamless integration processes are finalized. This strategic maneuver propels the combined entities towards a vision of ascending to the upper echelons of Zambia’s banking industry, aspiring to secure a position among the top five banks by revenue, with an ambitious target to claim a top-three spot by 2027.
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Roosevelt Ogbonna, the astute Managing Director/Chief Executive Officer of Access Bank Plc, hailed this acquisition as a monumental milestone. “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,” he said.
Ogbonna reiterated the bank’s commitment to synergizing the strengths, heritage, and shared values of both entities to usher in extensive opportunities for stakeholders in Zambia and the broader Southern African Development Community (SADC) region.
“We are poised for success by harmonizing 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,” he added.
Lishala Situmbeko, the visionary CEO of Access Bank Zambia, echoed Ogbonna’s sentiments, noting the transaction’s closure as a pivotal moment for the banking sector. Situmbeko articulated the potential of synergizing operational and cultural strengths, a fusion aimed at benefiting all stakeholders while contributing significantly to Zambia’s economic resurgence.
“We look forward to leveraging the operational and cultural strengths of both businesses to benefit all stakeholders. As we continue to finalize 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,” he said.
Upon integration, customers will gain access to an expansive network comprising over 60 branches, 5 cash centers, 8 agencies, more than 5,300 Tenga Express Agents, and an extensive network of over 240 ATMs across Zambia. Corporate clients stand to benefit from an amplified balance sheet, an expanded international footprint and augmented access to diverse financial services that include trade finance, treasury offerings, and seamless international payments.
Access Bank’s notable presence in pivotal trade corridors connecting Africa with diverse global markets, including the United Kingdom, UAE, China, Lebanon, France, Hong Kong, and India, underlines promising prospects for stakeholders seeking amplified international opportunities.
Bobbline Cheembela, the astute Acting Managing Director of Atlas Mara, highlighted the tremendous potential unlocked by joining forces with Access Bank.
“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” Situmbeko noted.
The collaboration aims to deliver comprehensive services with a shared emphasis on financial inclusion and digital banking, striving to provide a holistic service suite aligned with the evolving needs of the Zambian market.
This acquisition signifies a pivotal juncture in Zambia’s banking industry, poised to drive sustainable growth and usher in innovative strides in the country’s financial sector, setting the stage for a transformative era in African banking.