Access Bank Zambia Limited has completed its acquisition of African Banking Corporation Zambia Limited, trading as Atlas Mara Zambia after obtaining all requisite regulatory approvals.

Atlas Mara is now a wholly owned subsidiary of Access Bank Zambia. Following this regulatory milestone, the two banks will continue to operate separately until all integration related processes are finalised. Once the merger is complete, the combined entities will become one of Zambia’s top five banks by revenue with prospects to be in the top three by 2027.

The managing director/chief executive officer of Access Bank Plc, Roosevelt Ogbonna said: “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.

“We are poised for success by harmonising 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.”

CEO of Access Bank Zambia, Lishala Situmbeko added that, “by bringing together these two great businesses, we are creating a stronger, more competitive financial institution that will play a role in delivering Zambia's economic recovery.

“We look forward to leveraging the operational and cultural strengths of both businesses to benefit all stakeholders. As we continue to finalise 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.”

The bank stated that, “upon full integration of the two banks, customers will have access to a total of over 60 branches, 5 cash centres, 8 agencies, more than 5,300 Tenga Express Agents and a network of over 240 ATMs across the country.”

Acting managing director, Atlas Mara, Bobbline Cheembela said: “combining with Access Bank allows us to bring together the best qualities, capabilities and resources of both organisations.

“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.