Entry Financial institution Zambia Restricted (Entry Financial institution) introduced in the present day that it has accomplished its acquisition of African Banking Company Zambia Restricted, buying and selling as Atlas Mara Zambia (Atlas Mara) after acquiring all requisite regulatory approvals.
In accordance with an announcement from the financial institution, Atlas Mara is now a wholly-owned subsidiary of Entry Financial institution Zambia. Following these regulatory approvals, the 2 banks will proceed to function individually till all integration-related processes are finalized.
As soon as the merger is full, the mixed entities will change into one in every of Zambia’s high 5 banks by income with prospects to be within the high three by 2027.
What Entry Financial institution mentioned:
Roosevelt Ogbonna, Managing Director/Chief Government Officer of Entry Financial institution Plc mentioned:
- “This marks a major milestone for Entry Financial institution Plc as we work in the direction of attaining our imaginative and prescient of being the world’s most revered African financial institution.
- We’re poised for fulfillment by harmonizing the sturdy manufacturers, wealthy heritage, shared values, and greatest practices of each corporations in creating alternatives that stretch to all our stakeholders in Zambia and the SADC area.”
Lishala Situmbeko, CEO of Entry Financial institution Zambia, added:
- “We’re extraordinarily happy that this transaction has come to a detailed. By bringing collectively these two nice companies, we’re making a stronger, extra aggressive monetary establishment that may play a task in delivering on Zambia’s financial restoration.
- We stay up for leveraging the operational and cultural strengths of each companies to profit all stakeholders. As we proceed to finalize the alignment of our services, we’ll be sure that our clients proceed to take pleasure in the advantages of the broader product suite sooner or later.”
Mixed stability sheet:
In accordance with the assertion, upon full integration of the 2 banks, clients could have entry to a complete of over 60 branches, 5 money centres, 8 businesses, greater than 5,300 Tenga Categorical Brokers, and a community of over 240 ATMs throughout the nation.
It famous that company clients will profit from a bigger mixed stability sheet, a broader worldwide footprint, and elevated entry to commerce finance, treasury, worldwide funds, and loans through the broader distribution community of the enlarged financial institution which in the present day spans three continents and 21 markets.
Stakeholders may also profit from Entry Financial institution’s presence in the important thing commerce corridors that join Africa with the UK, UAE, China, Lebanon, France, Hong Kong, and India, amongst different issues.
What Atlas Mara mentioned:
Atlas Mara Appearing Managing Director Bobbline Cheembela mentioned that combining with Entry Financial institution permits us to carry collectively the most effective qualities, capabilities, and assets of each organizations.
- Atlas Mara’s expansive community and contribution to the general public sector and functionality in international markets and treasury, mixed with Entry Financial institution’s deal with SMEs and making commerce finance, treasury, and company lending experience obtainable to Zambian MNCs and SMEs has not solely created an trade chief, however a champion for our nation.
- We now have a greater rounded and extra complete talent set obtainable to us as a mixed enterprise and this permits us to raised serve our clients and different stakeholders.”
- “In the end, we need to proceed to ship a holistic service providing that advantages our clients from a shared deal with monetary inclusion and digital banking” Situmbeko concluded.
