Access Bank recently finalized the acquisition of African Banking Corporation Zambia Limited, which still operates as Atlas Mara Zambia, consolidating its position as one of the five largest banks in that African country.

 The operation was completed following regulatory approval and the fulfillment of all contractual conditions and allows Atlas Mara to be a fully-fledged subsidiary of Access Bank Zambia.

Under the terms agreed, the two banks will continue to operate separately until all the processes related to the integration have been completed.

Once the merger process is complete, the combined entities will become one of Zambia's five largest banks in terms of revenue collection, with prospects of being among the top three by 2027.

This strategic transaction will allow Access Bank to expand its operations, offering a range of financial services and strengthening its commitment to Zambia's economic development. 

In the last two years, Access Bank has been strengthening its global presence in Africa with the acquisition, in the second half of 2023, of stakes in two banks in Angola, and the acquisition of Standard Chartered in other countries such as Cameroon, Gambia and Sierra Leone.

The financial institution also completed the Consumer, Private & Business Banking business in Tanzania.

The Managing Director of Access Bank Mozambique, Marco Abalroado, expressed satisfaction, considering that "This acquisition represents an important milestone in our strategy of expansion and continuous growth, and in the last year alone we have made new acquisitions in four countries."

"We are better positioned to meet the financial needs of our clients in Mozambique and the SADC region and we believe that this integration will provide operational and strategic synergies, allowing us to optimize resources and offer innovative and efficient financial services." said Marco Abalroado. 

Following the full integration of the two banks, Access Bank customers in Zambia, both public and private, will benefit from broader and more comprehensive services.

In terms of territorial expansion, for example, access to banks will expand to more than 60 branches and 5 treasury centers, and a network of more than 240 ATMs throughout the country.

Access Bank thus reaffirms its ongoing commitment to being the most respected African bank in the world.