Access Bank Limited (Nigeria) – signs merger between its subsidiary Access Bank Zambia and ABC Zambia

By Published On: October 27th, 2021Categories: Corporate announcement

Access Bank Plc (“the Bank”) announces today that it has executed a binding agreement with Atlas Mara Limited on a proposed merger between African Banking Corporation Zambia Limited (“Atlas Mara Zambia”) and the Bank’s subsidiary in Zambia, Access Bank Zambia Limited (“Access Bank Zambia”) (‘theTransaction’).

Upon completion of this prospective transaction, the Bank is expected to retain or increase its current shareholding in Access Bank Zambia, which following the merger will have over 70 branches and agencies, approximately US$1 billion in total assets and over 300,000 customers in Zambia. The Transaction will not require significant additional capital investment requirements from the Bank given the capital and other synergies created from the merger between Access Bank Zambia with Cavmont Bank in 2020. The proposed transa