After acquiring Diamond bank, Access bank swallows another bank

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

This was disclosed in a statement on Friday by Acess bank secretary, Sunday Ekwochi.

He said, “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.

“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.”

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