Access Bank Zambia Limited is on the verge of merging with African Banking Corporation Zambia Limited (ABC) following an endorsement of the move by the Central Bank of Zambia.

Access Corporation, the parent company of the bank, announced this in a regulatory filing on Friday.

Access Holdings Plc said that further to its announcement on October 25, 2021, its subsidiary in Zambia, Access Bank Plc, has received final regulatory approval from the Central Bank of Zambia for the acquisition and merger of ABC Zambia Limited into its existing operations.

The bank also said that the Central Bank of Nigeria and  Common Market for Eastern and Southern Africa Competition Commission had earlier granted  their “no objection” to the Transaction in 2022.  Access Zambia will now move towards integrating and merging Atlas Mara Zambia into its operations, which is expected to create one of the top five banks in Zambia .

A statement issued by Mr. Sunday Ekwochi, Company Secretary said:  “Commenting on the transaction, Dr. Herbert Wigwe, Group Chief Executive Access Holdings  said “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.

“The combination of the two banks will create significant synergies between Access Zambia’s world class wholesale and transaction banking capabilities and Atlas Mara Zambia’s market leading retail and public sector capabilities to form a market leading universal banking platform that will greatly impact the  Zambia market” The Transaction is  expected to be completed in Q3,  2023”