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The Bank of Zambia (BoZ) has approved the Acquisition and Merger between Access Bank Zambia Limited and Atlas Mara Zambia.
The two banks would now move towards the legal and financial closing of the transaction which was expected to create one of the top five banks in Zambia.
This is contained in a joint statement issued in Lusaka on Friday by Kalumbu Nyikosa-Kearns, Head Corporate Communication and Shadreck Gema, Acting Head Marketing and Communications Atlas Mara Zambia.
The two banks said that as the closing and subsequent integration process commences, the two banks would maintain separate operations and continue to support customers without any disruptions.
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“Our customers remain priority through this transition and will be kept updated of further developments in this process,” the banks said.
The joint statement stated that the combination of the two banks would create a synergistic fusion of Access Zambia’s world class wholesale and transaction banking capabilities with Atlas Mara Zambia’s market leading retail and public sector banking capabilities to form a universal banking platform that will greatly impact the Zambia market.
According to the statement, Access Bank PLC is operated through a connected network spanning three continents (Africa, Europe, and Asia), 17 countries, over 740 branches and more than 30,000 employees.
It stated that with over sixty million customers, Access Bank was Africa’s largest universal bank by customer base.
“The Bank is a part of a diversified financial services holding company (Access Corporation) that plays across digital lending, payment services, insurance brokerage, pension funds management and offers deep corporate banking expertise.
“We have a tradition of working together to curate stronger solutions for customers. These will be brought to bear on the enlarged Access Bank Zambia and Atlas Mara Zambia upon completion of the merger,” the statement indicated.
Meanwhile, Access Bank Zambia Limited and Atlas Mara Zambia will continue to operate as two separate entities until the process of regulatory consolidation and transitioning has been completed.
This is according to the Bank of Zambia (BoZ) Assistant Director-Communications, Besnat Mwanza in a statement issued on Saturday in Lusaka.
“Members of the public are informed that in the meantime, the two entities will operate as two separate entities until the process of regulatory consolidation and transitioning. Once concluded the merged banks will operate as Access bank Zambia Limited.
“The Central bank encourages customers and members of the public who have queries on this acquisition and merger to directly contact Access Bank Zambia Limited,” Mwanza said.
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