Zambia: Regulators approve Access Bank merger with African Banking Corporation
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)
We have recently deactivated our website's comment provider in favour of other channels of distribution and commentary. We encourage you to join the conversation on our stories via our Facebook, Twitter and other social media pages.
More from Peoples Gazette
Politics
Katsina youths pledge to deliver over 2 million votes to Atiku
“Katsina State is Atiku’s political base because it is his second home.”
Health
Enugu health commissioner pushes for Nigerian-made malaria vaccines
He said this was the time to call on Nigeria to look into the possibilities of manufacturing malaria vaccines in our environment.
States
Husband of missing police officer seeks IGP’s intervention
The husband said Mrs Ruth and four of her colleagues went missing on February 13 after an ambush during their official assignment to Abia.
World
Cardiologist gets four-year jail term over deaths of two patients
The cardiologist was found guilty of manslaughter by a court in Berlin after determining he was responsible for killing the two patients.
NationWide
Suleja Jailbreak: Coalition seeks tight security measures, modernisation of custodial facilities
The coalition said there was an urgent need to examine the root causes of jailbreaks and other related issues bedevilling the country’s custodial facilities.
World
Iran arresting, detaining women over head covering: UN
The country’s morality police had announced stricter checks some weeks ago, the UN High Commissioner for Human Rights Volker Türk said.
World
Ukraine receives bodies of 140 fallen soldiers from Russia
It is not yet known whether and how many dead soldiers Russia has received from Ukraine.