The bank made the disclosure on Monday in a regulatory filing on the Nigerian Exchange Ltd.
The transaction was expected to be completed in Q3, 2023.
Access said, “It is pleased to announce that Access Bank (Zambia) Limited (“Access Zambia”) a subsidiary of the Company’s flagship subsidiary, Access Bank Plc, has completed the acquisition of African Banking Corporation Zambia Limited, trading as Atlas Mara Zambia (“Atlas Mara Zambia “). Atlas Mara Zambia is now a wholly owned subsidiary of Access Zambia.”
The lender said the completion of the acquisition, Access Zambia would now move towards integrating and merging Atlas Mara Zambia into its operations.
The Group Chief Executive of Access Holdings, Dr. Herbert Wigwe, said the acquisition marks a significant milestone for Access Bank as the bank works towards achieving its vision of being the World’s Most Respected African Bank.
He said, “We are poised for success by harmonising the robust brands, rich heritage, shared values, and best practices of both companies to create opportunities for all our stakeholders in Zambia and the SADC region.”