Access Bank Zambia Limited has successfully concluded the acquisition of African Banking Corporation Zambia Limited, trading as Atlas Mara Zambia, following the necessary regulatory approvals. With this development, Atlas Mara becomes a wholly-owned subsidiary of Access Bank Zambia.
During the merger announcement in Lusaka, Lishala Situmbeko, Chief Executive Officer of Access Bank Zambia Limited, shared that the combined entities are poised to become one of Zambia’s top five banks by revenue, with ambitions to secure a position in the top three by 2027. The merger is seen as a strategic move that will contribute to Zambia’s economic recovery.
Situmbeko highlighted the advantages of the merger, stating that corporate customers will benefit from an enlarged balance sheet, an extended international footprint, and enhanced access to trade finance, treasury services, international payments, and loans through the expanded distribution network covering three continents and 21 markets.
The CEO expressed confidence that the merger will empower stakeholders to leverage Access Bank’s commitment to extending financial services to the unbanked while enhancing offerings for existing customers.
Bobbline Cheembela, Acting Managing Director of Atlas Mara, emphasized that, post-regulatory approval, the two banks will operate independently until all integration processes are completed. Combining with Access Bank allows Atlas Mara to synergize the strengths, capabilities, and resources of both organizations, promising a robust and competitive financial institution in the Zambian market.
