Access Bank Zambia Successfully Completes Acquisition of Atlas Mara Zambia, Paving the Way for a Stronger Financial Institution

Access Bank Zambia Limited has officially completed the acquisition of African Banking Corporation Zambia Limited, known as Atlas Mara Zambia, following the successful procurement of all required regulatory approvals. This development signifies that Atlas Mara is now a fully owned subsidiary of Access Bank Zambia.

During the merger announcement in Lusaka today, Lishala Situmbeko, the Chief Executive Officer of Access Bank Zambia Limited, expressed that upon the conclusion of the merger, the consolidated entities are poised to emerge as one of Zambia's top five banks by revenue, aiming to secure a position in the top three by 2027.

Situmbeko emphasized that the amalgamation of these two esteemed businesses will establish a more robust and competitive financial institution, playing a pivotal role in contributing to Zambia's economic recovery. He elaborated on the benefits for corporate customers, highlighting advantages such as an expanded combined balance sheet, a wider international presence, and increased accessibility to trade finance, treasury services, international payments, and loans through the enlarged bank's extensive distribution network spanning three continents and 21 markets.

Moreover, Situmbeko underscored that the merger presents an opportunity for stakeholders to leverage Access Bank's commitment to extending financial services to the unbanked while enhancing its suite of financial services for existing customers.

Commenting on the regulatory milestone, Bobbline Cheembela, the Acting Managing Director of Atlas Mara, noted that the two banks will continue to operate independently until all integration-related processes are finalized. Cheembela emphasized that aligning with Access Bank enables Atlas Mara to synergize the best qualities, capabilities, and resources of both organizations.