The bank made the disclosure on Monday in a regulatory filing on the Nigerian Exchange Ltd.
Access Zambia had approached Atlas Mara in 2021 and, in March 2023, announced that it has received regulatory approval from the Central Bank of Nigeria to proceed with the deal.
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 lender also said it targets to create one of the top five banks in Zambia by total assets, with prospects to be in the top three by 2027.
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.”