Banking & Finance

Access Bank Plc Proposed Merger With Zambian African Banking Corporation

Published

3 years ago

October 27, 2021

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Access Bank Plc has revealed that it intends a merger between African Banking Corporation Zambia Limited and Access Bank Zambia Limited.

Brand News Day Nigeria reports that Access Bank Plc reveals that a binding agreement with Atlas Mara Limited has been executed the merger with African Banking Corporation Zambia.

This online platform gathers that Access Bank made this disclosure in a notice filed with the Nigerian Exchange and signed by the company secretary, Sunday Ekwochi, stating that the proposed transaction is expected to be concluded in 2022, subject to the fulfilment of conditions including regulatory approvals in Nigeria and Zambia.

The announcement comes just a few weeks after the bank acquired a controlling stake in Botswana’s African Banking Corporation.

Reacting to the development, the proposed merger transaction, CEO/GMD of Access Bank Plc, Dr Herbert Wigwe said, “This transaction represents another milestone that brings us closer to the achievement of our broader strategic objectives. The merger of Atlas Mara Zambia with Access Bank Zambia is expected to augment our presence in Zambia and the broader COMESA region, Africa’s largest free trade area.”

READ: Access Bank Plc Announces Completion Of Mozambique Acquisition

“Today’s announcement is a testament to the strong confidence of the Zambian market in the Bank’s country and regional strategy as well as our strong confidence in the long-term prospects for the Zambian economy,” he added.

Recall that, in January 2021, Access bank completed the acquisition of Cavmont Bank Limited following fulfilment of “key conditions precedent including regulatory approvals.”

In May 2021, the bank announced that its subsidiary in Mozambique concluded a deal for the acquisition of African Banking Corporation, which was backed by London-listed financial services group Atlas Mara Limited.

Earlier this month, Access Bank Plc announced that it has completed the acquisition of a majority stake of 78.15% in the African Banking Corporation of Botswana Limited, Botswana.

What You Should Know About Access Bank Plc Merger

Meanwhile, after the completion of the transaction, Access Bank will grasp or expand its current shareholding in Access Bank Zambia which will have approximately $1 billion in total assets, over 300,000 customers in Zambia and over 70 branches and agencies.
In the addendum, there will be no additional capital investment requirements from the bank as a result of the transaction due to the capital and other synergies created from the merger between Access Bank Zambia with Cavmont Bank in 2020.
Evidently, this year alone, Access Bank Plc has successfully completed and announced different acquisitions and mergers involving the bank’s subsidiaries in different countries which include Zambia, Botswana and Mozambique.

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