Access Holdings Plc has announced that Access Bank Zambia Limited, a subsidiary of its flagship subsidiary, Access Bank Plc, has received final regulatory approval from the Central Bank of Zambia for the acquisition and merger of African Banking Corporation Zambia Limited (Atlas Mara Zambia) into its existing operations.

A statement on Friday by the Company Secretary, Sunday Ekwochi, said this was further to its announcement on October 25, 2021.

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, it said.

According to the statement, Access Zambia would 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 .

Commenting on the transaction, the Group Chief Executive Access Holdings, Dr Herbert Wigwe, 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.”

According to the statement, the transaction is expected to be completed in Q3, 2023.