Access Holdings Plc has received final regulatory approval for the acquisition and merger of Access Bank Zambia and African Banking Corporation Zambia Ltd.

The Company Secretary, Sunday Ekwochi, said in a statement on Friday, that the transaction would be completed in the third quarter of 2023.

Mr Ekwochi said the Central Bank of Nigeria and Common Market for Eastern and Southern Africa Competition Commission had earlier granted their “no objection” to the transaction in 2022.

“Access Holdings Plc is pleased to announce that Access Bank Zambia Ltd., a subsidiary of its flagship subsidiary, Access Bank, has received final regulatory approval from the Central Bank of Zambia for the acquisition and merger of African Banking Corporation Zambia Ltd into its existing operations,” he said.

Commenting on the transaction, Herbert Wigwe, the Group Chief Executive Access Holdings, said that the transaction followed its earlier acquisition and merger of Cavmont Bank Plc.

“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.

“The combination of the two banks will create 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 to form a market leading universal banking platform that will greatly impact the Zambia market,” he said.

He said that Access Zambia would now move toward integrating and merging Atlas Mara Zambia into its operations.

This, according to him, is expected to create one of the top five banks in Zambia.

(NAN)