Access Bank completes acquisition of Zambian bank

Access Bank Limited has successfully finalized the acquisition of African Banking Corporation Zambia Limited, which operates as Atlas Mara Zambia. The completion of this acquisition, announced over eight months ago, was confirmed by Access Holdings, the parent company of Access Bank, on Monday.

The transaction was executed through Access Bank's Zambian banking operation, resulting in the newly acquired entity becoming a wholly owned subsidiary of Access Bank Zambia. The final regulatory approval for the deal from the Central Bank of Zambia was received by Nigeria's largest lender by assets in April of the previous year, allowing for an expansion of its presence in the southern African nation.

Despite the initial projection that the purchase would be concluded by September of the same year, the process faced delays. Access Bank Zambia is now set to undergo a business combination with African Banking Corporation, continuing its growth strategy in the Zambian market. Notably, in January 2021, Access Bank concluded the purchase of Cavmont Bank Limited in Zambia, subsequently merging it with Access Bank Zambia.

The envisioned merger is anticipated to establish one of the top five banks in Zambia, with Access Bank aiming to leverage Atlas Mara's strong presence in the retail and public sectors to create a leading universal banking platform in the country. The bank has expressed its ambition to position its Zambian unit among the top three banks by assets in the market by 2027.

Access Holdings CEO Herbert Wigwe emphasized the significance of this development, stating, "This marks a significant milestone for Access Bank as we work towards achieving our vision of being the World’s Most Respected African Bank," in a regulatory filing.

Access Bank has been actively pursuing expansion in various African markets, with recent acquisitions including the majority equity stake in Angola’s Finibanco S.A. Furthermore, the bank has at least six additional deals in progress across different African markets. Notably, its acquisition of Standard Chartered Bank’s banking businesses in Angola, Cameroon, The Gambia, Sierra Leone, and Tanzania, as well as the majority stake in African Banking Corporation Tanzania Limited, has already been completed, with signed agreements finalizing the transactions.