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Access Bank: Set To Merge Newly Acquired Zambian Unit With African Banking Corp

Access Bank has revealed that it will merge its Zambian unit with African Banking Corporation Zambia Limited in a planned reformation coming barely nine months after it bought the subsidiary.

According to PREMIUM TIMES, this sets in motion the quest to broaden Access Bank’s presence in the Southern African country to 70 branches and agencies. Information Guide Nigeria

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In a note addressed to the Nigerian Exchange Limited, this will also broaden its customer base to 300,0000 and total assets with a value in the neighbourhood of $1 billion through the combined entity.

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PREMIUM TIMES reports that Herbert Wigwe-led bank, Access Bank, has been very active in Africa’s merger and acquisition market this year.

PREMIUM TIMES notes that the bank has targeted expansion in Southern Africa region where four takeovers have already been completed in Mozambique, South Africa, Zambia, and Botswana.

According to PREMIUM TIMES, three of the banks purchased were from Atlas Mara Limited, the holding company, which owns African Banking Corporation and the biggest shareholding in Union Bank of Nigeria Plc which translated to 49.97 per cent of the lender’s issued share capital. Jamb Result

PREMIUM TIMES reports that Access bank aspires to be Africa’s financial gateway to the world with expectations that its operations outside Nigeria will yield as much as 30 per cent to the bank’s pool of profit this financial year.