As of today, December 21, BancABC will be called Access Bank Mozambique, following the completion of the merger process of the two banks, now united in one, reads a press release to which MZNews had access. 

With the merger of the two banks, Access Bank Mozambique now has an even more robust capital structure that supports its sustainable growth and ensures that clients benefit from the many advantages of being part of one of the largest financial groups on the African continent.

Access Bank's acquisition of BancABC was subject to compliance with several conditions precedent which, among others, included regulatory approvals from the Central Bank of Mozambique, local and regional authorities, and the competition authority, among other relevant entities.

According to the press release sent to our newsroom, already in September 2020, Access Bank Mozambique SA, Atlas Mara Limited and ABC Holdings Limited announced the signing of the definitive agreement regarding the proposed acquisition of BancABC, SA by Access Bank Mozambique SA.

Already in May this year, Access Bank Mozambique finalized the acquisition process of BancABC Mozambique, thus beginning a new phase of its history in the country. In this phase, the two institutions - Access Bank and BancABC - continued to develop activities independently, but now under the Access Bank Group.

The completion of the acquisition process of BancABC Mozambique has since allowed Access Bank Mozambique to position itself as one of the 8 largest banks in the country, strengthening the financial market.

With the conclusion of the acquisition process and the approvals of the Bank of Mozambique, the two entities began a merger process that was finalized this Tuesday, with the aim of making the two banks into one.

"This operation represents a big step for the banking sector in the Mozambican market, consolidating Access Bank's extended strategy and the objective of, also in Mozambique, being a reference bank". "Our goal is to contribute to the exponential growth of the country in the coming decades, creating sustainable financial foundations that improve the lives of Mozambicans," pointed out Marco Abalroado, Managing Director of Access Bank Mozambique, quoted in the statement.

The Access Bank Plc Group continues to expand its business in the African continent with the perspective of growing and strengthening itself as an African reference in global banking.

Currently with 49 million customers, Access Bank is the African bank with the largest number of customers and one of the best capitalized on the continent.