Sunday, January 29, 2023
  • Login
Upgrade
The Southern African Times
  • Home
  • Southern Africa
  • Global
  • Business
    • African Start ups
    • African Continental Free Trade Area
  • Tech
    • Lifestyle
      • Health
      • Culture
      • Food and Drink
      • Entertainment
  • Opinion
  • Sports
  • SAT Jobs
No Result
View All Result
  • Home
  • Southern Africa
  • Global
  • Business
    • African Start ups
    • African Continental Free Trade Area
  • Tech
    • Lifestyle
      • Health
      • Culture
      • Food and Drink
      • Entertainment
  • Opinion
  • Sports
  • SAT Jobs
No Result
View All Result
The Southern African Times
No Result
View All Result
Home Finance

Access Bank to merge Zambian subsidiary with African Banking Corporation

by SAT Reporter
October 26, 2021
in Finance, in Southern Africa, Zambia
0
Access Bank to merge Zambian subsidiary with African Banking Corporation
0
VIEWS

LUSAKA (The Southern African Times) – The bank announced this in a statement signed by Sunday Ekwochi, the company secretary, on Monday.

This development comes weeks after the bank acquired a majority stake in BancABC Botswana — its fourth acquisition in 2021.

Upon completion of the transaction, Ekwochi said the bank is expected to retain or increase its current shareholding in Access Bank Zambia. 

With the arrangement, the bank said it would have more than 70 branches and agencies with an approximate $1 billion total assets and over 300,000 customers in the country.

“The transaction will not require significant additional capital investment requirements from the bank given the capital and other synergies created from the merger between Access Bank Zambia with Cavmont Bank in 2020,” the statement reads.

“The proposed transaction is expected to be concluded in 2022, subject to the fulfilment of conditions including regulatory approvals in Nigeria and Zambia.”

Commenting on the proposed merger, Herbert Wigwe, group managing director/chief executive officer, Access Bank, said: “This transaction represents another milestone that brings us closer to the achievement of our broader strategic objectives.”

“The merger of Atlas Mara Zambia with Access Bank Zambia is expected to augment our presence in Zambia and the broader COMESA region, Africa’s largest free trade area.

“We are particularly excited by the prospects of increased earnings contribution to the bank from the enlarged Access Bank Zambia, which has also announced the appointment of a new Managing Director, Mr. Lishala Situmbeko, who brings over 25 years of cognate experience and deep local relationships into our Zambian operation.

“Today’s announcement is a testament to the strong confidence of the Zambian market in the Bank’s country and regional strategy as well as our strong confidence in the long-term prospects for the Zambian economy.”

Previous Post

South Africa to prioritise electric cars in climate action plans

Next Post

S.Africa’s Sibanye Stillwater to buy nickel, copper mines in Brazil

SAT Reporter

Related Posts

Amazon pushes back launch of South African marketplace
South Africa

Amazon pushes back launch of South African marketplace

by SAT Reporter
January 27, 2023
AfDB to inject 10 bln USD into African countries’ food sovereignty
Finance

AfDB to inject 10 bln USD into African countries’ food sovereignty

by SAT Reporter
January 26, 2023
Zambia joins Ghana in its quest to restructure its debt
Finance

Zambia joins Ghana in its quest to restructure its debt

by SAT Reporter
January 24, 2023
S.Africa hails friendship with Russia amid Ukraine war
in Southern Africa

S.Africa hails friendship with Russia amid Ukraine war

by SAT Reporter
January 23, 2023
Kenya says Russia-Ukraine conflict, U.S. rate hike to dampen 2023 economic prospects
Finance

Kenya says Russia-Ukraine conflict, U.S. rate hike to dampen 2023 economic prospects

by SAT Reporter
January 21, 2023
Next Post
S.Africa’s Sibanye Stillwater to buy nickel, copper mines in Brazil

S.Africa's Sibanye Stillwater to buy nickel, copper mines in Brazil

Browse by Category

  • African Continental Free Trade Area
  • African Start ups
  • Algeria
  • Analysis
  • Angola
  • Asia
  • Botswana
  • BOTSWANA
  • Burkina Faso
  • Burundi
  • Business
  • Business
  • Cameroon
  • Central Africa
  • China
  • Climate Change
  • Climate Changev
  • Congo Republic
  • COVID 19
  • Culture
  • Democratic Republic of Congo
  • Eastern Africa
  • Education
  • Egypt
  • Entertainment
  • Environment
  • Ethiopia
  • Europe
  • Fashion
  • Feature
  • Finance
  • Food
  • Food and Drink
  • Foods
  • Ghana
  • Global
  • Guinea
  • Health
  • Immigration
  • in Southern Africa
  • International news
  • Just In
  • Kenya
  • Lesotho
  • Libya
  • Life Style
  • Lifestyle
  • Malawi
  • Malawi
  • Mali
  • Markets
  • Middle East
  • Mozambique
  • Namibia
  • Nigeria
  • North Africa
  • Opinion
  • Politics
  • Rwanda
  • SAT Jobs
  • Senegal
  • Seychelles
  • South Africa
  • South Sudan
  • Sports
  • Startup Africa
  • STOCK EXCHANGE
  • Tanzania
  • Tech
  • Togo
  • Travel
  • Travel
  • Tunisia
  • Uganda
  • Uncategorized
  • West Africa
  • World
  • World
  • ZAMBIA
  • Zambia
  • ZIMBABWE
  • Zimbabwe

Browse by Tags

africa African business news Africa News african footballer african markets African news African start-up Agriculture banking Business China Classic Climate change Content currency economy Explore Bali Finance football Investment Kenya Life Style Markets Market Stories Nigeria oil and gas Opinion Pandemic Politics Premium Russia South Africa Southern African News sports Stay Home technology Travel United Kingdom United Stated Vaccine Work From Home Wuhan Zambia Zimbabwe Zimbabwe Harare Manufacturing Africa Employment creationn

WHO WE ARE

The Southern African Times is a regional bloc digital newspaper that covers Southern African and world news. The paper also gives a nuanced analysis on news and covers a wide range of reporting which include sports, entertainment, foreign affairs, arts and culture.

Facebook Twitter Youtube Instagram Rss

Copyright © 2022 The Southern African Times | Powered by The Southern African Times

Privacy Policy

Terms and Conditions

  • Home
  • Southern Africa
  • Global
  • Business
    • African Start ups
    • African Continental Free Trade Area
  • Tech
    • Lifestyle
      • Health
      • Culture
      • Food and Drink
      • Entertainment
  • Opinion
  • Sports
  • SAT Jobs

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In
Manage Cookie Consent
To provide the best experiences, we use technologies like cookies to store and/or access device information. Consenting to these technologies will allow us to process data such as browsing behavior or unique IDs on this site. Not consenting or withdrawing consent, may adversely affect certain features and functions.
Functional Always active
The technical storage or access is strictly necessary for the legitimate purpose of enabling the use of a specific service explicitly requested by the subscriber or user, or for the sole purpose of carrying out the transmission of a communication over an electronic communications network.
Preferences
The technical storage or access is necessary for the legitimate purpose of storing preferences that are not requested by the subscriber or user.
Statistics
The technical storage or access that is used exclusively for statistical purposes. The technical storage or access that is used exclusively for anonymous statistical purposes. Without a subpoena, voluntary compliance on the part of your Internet Service Provider, or additional records from a third party, information stored or retrieved for this purpose alone cannot usually be used to identify you.
Marketing
The technical storage or access is required to create user profiles to send advertising, or to track the user on a website or across several websites for similar marketing purposes.
Manage options Manage services Manage vendors Read more about these purposes
View preferences
{title} {title} {title}
Are you sure want to unlock this post?
Unlock left : 0
Are you sure want to cancel subscription?