BY BENEDICT TEMBO
ATLAS Mara Bank acting chief executive officer Bobblin Cheembela hopes the merger with Access Bank Zambia can be completed this month-end.
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The Bank of Zambia approved the acquisition of African Banking Corporation Limited (Atlas Mara) by Access Bank of Zambia Limited and the subsequent merger of the two entities effective March this year.
“We are still separate entities. Hopefully, by the end of this month, we can become one,” Mr Cheembela said.
Atlas Mara Bank early this month participated in the Zambia International Trade Fair (ZITF) for the last time as a stand-alone entity and won an award on best innovation in the Small and Medium Enterprise (SME) category.
It won the 2023 Best Exhibit Emerging SME Innovation Award at the recent trade fair.
Mr Cheembela described the win as a testament to the critical role SMEs play in driving trade and investments.
“Thank you ZITF for this immense recognition. We are inspired to continue pushing boundaries, pioneering novel solutions and contributing to the vibrant, dynamic SME landscape in Zambia and beyond. Here’s to innovating, growing, and many more milestones ahead,” he said
The Access Bank Group, which recently acquired Cavmont Bank in Zambia, will have over 70 branches and agencies, approximately US$1 billion in total assets and over 300,000 customers after the merger with Atlas Mara.
The West African bank expects to retain or increase current shareholding in Access Bank Zambia.
Access Bank Group CEO Herbert Wigwe in a statement on the Nigerian Exchange website stated that “this transaction is a milestone that brings us closer to our broader strategic objectives. The merger of Atlas Mara Zambia and Access Bank Zambia is expected to augment our presence in Zambia and the wider COMESA region.”
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