Atlas Mara is now a wholly owned subsidiary of Access Bank
Zambia. Following this regulatory milestone, the two banks will continue to
operate separately until all integration related processes are finalised. Once
the merger is complete, the combined entities will become one of Zambia’s top
five banks by revenue with prospects to be in the top three by 2027.
Roosevelt Ogbonna, Managing Director/Chief Executive
Officer, Access Bank said, “This marks a significant milestone for Access Bank
Plc as we work towards achieving our vision of being the world’s most respected
African bank. We are poised for success by harmonising the robust brands, rich
heritage, shared values, and best practices of both companies in creating
opportunities that extend to all our stakeholders in Zambia and the SADC
region.”
Lishala Situmbeko, CEO Access Bank Zambia, added, “We are
extremely pleased that this transaction has come to a close. By bringing
together these two great businesses, we are creating a stronger, more
competitive financial institution that will play a role in delivering on
Zambia’s economic recovery. We look forward to leveraging the operational and
cultural strengths of both businesses to benefit all stakeholders. As we
continue to finalise the alignment of our products and services, we will ensure
that our customers continue to enjoy the benefits of the broader product suite
in the future.”
The key highlights once the two banks combine: Upon full
integration of the two banks, customers will have access to a total of over 60
branches, 5 cash centres, 8 agencies, more than 5,300 Tenga Express Agents and
a network of over 240 ATMs across the country.
Corporate customers will benefit from a larger combined
balance sheet, a broader international footprint and increased access to trade
finance, treasury, international payments and loans via the wider distribution
network of the enlarged bank which today spans three continents and 21 markets.
Stakeholders will also benefit from Access Bank’s presence in the key trade
corridors which connect Africa with the United Kingdon, UAE, China, Lebanon,
France, Hong Kong and India.
SMEs will benefit from the existing banking proposition that
is aimed at encouraging and supporting their growth ambitions.
The Public sector will benefit from the enhanced focus on
digitalization and ease of revenue collection.
The combined company will create significant opportunities
for our employees’ professional and career development through being part of a
larger network both in the country and globally.
Across Zambia, stakeholders will benefit from the presence
of an African financial services group that, at its core, has been built on the
foundation of ensuring that the communities within which it operates are better
equipped to succeed.
The merger will provide the opportunity for the combined
bank’s stakeholders to benefit from Access Bank’s commitment on extending
financial services to the unbanked and deepening its financial services
offerings to banked customers.
Bobbline Cheembela, acting Managing Director, Atlas Mara
said, “Combining with Access Bank allows us to bring together the best
qualities, capabilities and resources of both organisations. Atlas Mara’s
expansive network and contribution to the public sector and capability in
global markets and treasury, combined with Access Bank’s focus on SMEs and
making trade finance, treasury, and corporate lending expertise available to
Zambian MNCs and SMEs has not only created an industry leader, but a champion
for our country. We now have a better rounded and more comprehensive skill set
available to us as a combined business and this enables us to better serve our
customers and other stakeholders.”
“Ultimately, we want to continue to deliver a holistic
service offering that benefits our customers from a shared focus on financial
inclusion and digital banking,” Situmbeko concluded.
With the legal acquisition concluded, the two banks will
work behind the scenes to ensure a smooth changeover once the merger concludes.
In the interim customers will continue to be serviced through their usual bank,
being Access Bank or Atlas Mara. The company’s immediate focus is on
integrating the two businesses and working towards operating as a single entity
with a single staff complement as well as harmonised products and services.