Access Bank, Atlas Mara units in Zambia to merge

Nigeria-based Access Bank PLC agreed to merge unit Access Bank (Zambia) Ltd. with Atlas Mara Ltd.'s unit African Banking Corp. Zambia Ltd.

Access Bank Zambia is expected to have approximately $1 billion in total assets after the transaction is completed, which is anticipated to occur in 2022.

The transaction is part of the British Virgin Islands-based lender's plan to scale down its remaining assets in Africa. Access Bank has already acquired a majority stake in Atlas Mara unit African Banking Corp. of Botswana Ltd., or BancABC Botswana, as well as Mozambican unit, BancABC Mozambique SA.

Moreover, Atlas Mara has received conditional regulatory approval for the divestiture of its Tanzanian unit, while the divestiture of its Rwandan unit is already complete.

Atlas Mara is expected to be delisted from the London Stock Exchange's main market on Nov. 24 after applying for the cancellation of the listing of its ordinary shares to the U.K. Financial Conduct Authority and the LSE as part of its cost reduction strategy.