By BUUMBA CHIMBULU
ACCESS Bank Zambia Limited has finally completed its acquisition of Atlas Mara Zambia after obtaining all requisite regulatory approvals.
[ihc-hide-content ihc_mb_type=”show” ihc_mb_who=”4,5,6″ ihc_mb_template=”2″ ]
With the legal acquisition concluded, the two banks will work behind the scenes to ensure a smooth changeover once the merger completely concludes in the next four to eight weeks.
In the interim, customers will continue to be serviced through their usual bank, being Access Bank or Atlas Mara.
Once the merger is completed, the combined entities will reportedly become one of Zambia’s top five banks by revenue with prospects to be in the top three by 2027.
The merger is expected to provide the opportunity for the combined bank’s stakeholders to benefit from Access Bank’s commitment on extending financial services to the unbanked and deepening its financial services offerings to banked customers.
At the announcement yesterday in Lusaka, Access Bank Zambia Chief Executive Officer, Lishala Situmbeko, was confident that the merger was creating a stronger, more competitive financial institution that would play a role in delivering on Zambia’s economic recovery.
Mr Situmbeko looked forward to leveraging the operational and cultural strengths of both businesses to benefit all stakeholders.
He pointed out that Access bank was poised to become one of the top five banks in Zambia.
“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.
“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,” he said.
At the same function, Atlas Mara acting Managing Director, Bobbline Cheembela, explained that combining with Access Bank allowed the institution to bring together the best qualities, capabilities and resources of both organisations.
Mr Cheembela said the bank had a better rounded and more comprehensive skill set available to serves customers and other stakeholders as a combined business. “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,” he said.
Meanwhile, Access Bank Plc Managing Director/Chief Executive Officer, 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.”
[/ihc-hide-content]
