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Access Holdings Plc, the Lagos-based financial services group led by Nigerian banker Herbert Wigwe, has announced that its subsidiary, Access Bank Zambia Limited, has received final regulatory approval from the Central Bank of Zambia to acquire and merge with African Banking Corporation Zambia Limited (Atlas Mara Zambia).
The approval follows the “no objection” granted by the Central Bank of Nigeria and the Common Market for Eastern and Southern Africa Competition Commission in 2022, according to a statement from the leading financial services group.
Access Zambia is expected to integrate and merge Atlas Mara Zambia into its operations, with the transaction set to be completed in the third quarter of 2023. The move is expected to create one of the top five banks in Zambia.
Wigwe, the CEO of Access Holdings and a Nigerian multimillionaire banker, commented on the transaction, stating: “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.”
According to Wigwe, the merger of Access Zambia and Atlas Mara Zambia will create significant synergies by combining Access Zambia’s world-class wholesale and transaction banking capabilities with Atlas Mara Zambia’s market-leading retail and public sector capabilities. This is expected to form a market-leading universal banking platform that will have a significant impact on the Zambian market.
Access Holdings is a leading financial services group in Nigeria, with one of the largest market caps on the Nigerian Exchange. With operations in 12 African countries, the company is actively expanding its presence in Europe, consolidating its existing operations in London and launching a new unit in France.
Wigwe, a Nigerian business executive who played a pivotal role in the company’s growth and expansion, holds a 4.51-percent stake in Access Holdings. Under his leadership, the pan-African financial services conglomerate’s total assets have exceeded $30 billion, and its retained earnings have surpassed $1 billion.
