Access Bank completes acquisition of second bank, Atlas Mara


Access Bank Zambia Limited has announced completion of its acquisition of Atlas Mara Zambia after obtaining all requisite regulatory approvals.

Atlas Mara has become the second bank to be acquired by Access bank in Zambia, after Cavmont bank.

The two banks would now 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 would continue to be serviced through their usual bank, being Access Bank or Atlas Mara.

Officially announcing the merger on Monday in Lusaka, Access Bank Zambia Chief Executive Officer, Lishala Situmbeko, expressed confidence that the merger would create a stronger, more competitive financial institution that would play a role in delivering on Zambia’s economic recovery.

Situmbeko looked forward to leveraging the operational and cultural strengths of both businesses to benefit all stakeholders.

Read more: Bank of Zambia approves acquisition and merger between Access Bank and Atlas Mara 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 partnering with Access Bank allowed the institution to bring together the best qualities, capabilities and resources of both organisations.

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 Group 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.”

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