By Peter Egwuatu and Yinka Kolawole

Access Holdings Plc has announced that Access Bank Zambia Limited, a subsidiary of its flagship subsidiary, Access Bank Limited, has received final regulatory approval from the Central Bank of Zambia for the acquisition of African Banking Corporation Zambia Limited.

In a statement last weekend, Sunday Ekwochi, Company Secretary of Access Holdings, said: “The   Central Bank of Nigeria and   Common Market for Eastern and Southern Africa Competition Commission had earlier granted   their “no objection” to the Transaction in 2022. Access Zambia will now move towards integrating and merging Atlas Mara Zambia into its operations, which is expected to create one of the top five banks in Zambian.”

He further disclosed that the transaction is expected to be completed in the third quarter, Q3, 2023.

Commenting on the transaction, Dr. Herbert Wigwe, Group Chief Executive Access Holdings   said: “The transaction builds on our earlier acquisition and merger of Cavmont Bank Plc into Access Bank Zambia   and underscores our resolve to strengthen our presence in Zambia, a key African market that fits into our strategic focus on geographic earnings growth and diversification.

“The combination of the two banks will create significant synergies between Access Zambia’s world class wholesale and transaction banking capabilities and Atlas Mara Zambia’s market leading retail and public sector capabilities to form a market leading universal banking platform that will greatly impact the   Zambia market.”