Entry Financial institution Zambia Restricted has accomplished its acquisition of African Banking Company Zambia Restricted, buying and selling as Atlas Mara Zambia after acquiring all requisite regulatory approvals.
Atlas Mara is now an entirely owned subsidiary of Entry Financial institution Zambia. Following this regulatory milestone, the 2 banks will proceed to function individually till all integration associated processes are finalised. As soon as the merger is full, the mixed entities will turn into certainly one of Zambia’s high 5 banks by income with prospects to be within the high three by 2027.
The managing director/chief govt officer of Entry Financial institution Plc, Roosevelt Ogbonna stated: “this marks a major milestone for Entry Financial institution Plc as we work in direction of attaining our imaginative and prescient of being the world’s most revered African financial institution.
“We’re poised for fulfillment by harmonising the sturdy manufacturers, wealthy heritage, shared values, and finest practices of each corporations in creating alternatives that reach to all our stakeholders in Zambia and the SADC area.”
CEO of Entry Financial institution Zambia, Lishala Situmbeko added that, “by bringing collectively these two nice companies, we’re making a stronger, extra aggressive monetary establishment that may play a task in delivering Zambia’s financial restoration.
“We look ahead to leveraging the operational and cultural strengths of each companies to profit all stakeholders. As we proceed to finalise the alignment of our services and products, we’ll be sure that our clients proceed to take pleasure in the advantages of the broader product suite sooner or later.”
The financial institution acknowledged that, “upon full integration of the 2 banks, clients can 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.”
Appearing managing director, Atlas Mara, Bobbline Cheembela stated: “combining with Entry Financial institution permits us to convey collectively one of the best qualities, capabilities and sources of each organisations.
“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 out there 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 ability set out there to us as a mixed enterprise and this permits us to raised serve our clients and different stakeholders.”
‘Finally, 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 famous.