Access Bank Zambia Limited Successfully Acquires Atlas Mara, Emerges As One Of Zambia's Top Five Banks

Access Bank Zambia Limited (Access Bank) has officially completed its acquisition of African Banking Corporation Zambia Limited, known as Atlas Mara Zambia, following the receipt of all necessary regulatory approvals.

With this successful transaction, Atlas Mara is now a fully owned subsidiary of Access Bank Zambia. The two financial institutions will continue to operate independently until the completion of all integration processes. Once fully merged, the combined entity is poised to rank among Zambia’s top five banks by revenue, with aspirations to secure a spot in the top three by 2027.

Roosevelt Ogbonna, Managing Director/Chief Executive Officer of Access Bank Plc, expressed, “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 of 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.”

Key Highlights Following the Merger:

Customers will have access to a network comprising over 60 branches, 5 cash centers, 8 agencies, more than 5,300 Tenga Express Agents, and over 240 ATMs across Zambia.
Corporate customers will benefit from a larger combined balance sheet, broader international footprint, and increased access to financial services.
SMEs will enjoy an enhanced banking proposition aimed at encouraging and supporting their growth ambitions.
The public sector will experience an enhanced focus on digitalization and ease of revenue collection.
Opportunities for employees’ professional and career development within a larger network.

Bobline Cheembela, Acting Managing Director of Atlas Mara, emphasized, “Combining with Access Bank allows us to bring together the best qualities, capabilities, and resources of both organizations. We now have a better-rounded and more comprehensive skill set available to us as a combined business, enabling us to better serve our customers and other stakeholders.”

The legal acquisition complete, the banks will work behind the scenes to ensure a smooth transition. Customers will continue to be serviced through their respective banks (Access Bank or Atlas Mara) during this interim period. The immediate focus is on integrating the two businesses and operating as a single entity with harmonized products and services.