Access Holdings disclosed in a statement signed by Sunday Ekwochi, company secretary, that the Central Bank of Nigeria and the Common Market for Eastern and Southern Africa Competition Commission had previously 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.
The acquisition will be determined. Access Zambia is integrating and merging its operations with Atlas Mara Zambia, which is expected to create one of Zambia’s top five banks.
While commenting on the transaction, Herbert Wigwe, Group Chief Executive of Access Holdings, stated 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
The transaction is expected to be completed by Q3, 2023
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