By Patricia Male
Atlas Mara Limited and Access Bank Plc, have entered into an agreement regarding a proposed transaction under which African Banking Corporation of Zambia Limited, “Atlas Mara Zambia” would be merged under access bank Plc’s Zambian subsidiary – Access Bank Zambia.
The transaction which is subject to regulatory approvals by the Bank of Zambia and other customary conditions for transactions of this nature seeks a complementary transaction that combines Atlas Mara Zambia’s strong retail and corporate banking operation with access bank Zambia Limited’s wholesale banking and trade finance capabilities, providing significant scope for revenue diversification and growth.
Following the transaction, Access Zambia and Atlas Mara Zambia customers will benefit from a significantly strengthened combined bank following significant capital injection and other improvements expected to be realized as part of the proposed transaction.
Atlas Mara Zambia customers will also benefit from becoming a member of banking group with international and regional banking network across the major international financial and trade hubs including London, Dubai, Johannesburg, Mumbai, Shanghai and Beirut and will have access to best-in-class digital platforms and product suites, leveraging the group’s robust technology infrastructure.
The merger envisioned in the proposed transaction will be under Access bank Zambia and the merged entity will remain a subsidiary of Access Bank Plc.
Commenting on this development, Access Bank Zambia Chief Executive Officer Joana Bannerman said the combination will leverage Access Bank Plc’s ongoing investments in world class digital platforms and will create a bigger and better platform with more opportunities for staff and all other stakeholders.
And Atlas Mara Zambia Chief Executive Officer, James Koni, said a strategic relationship with access bank will bring Atlas Mara Zambia into the access bank group family which is growing across Africa.