Economy & Politics

Access Bank could acquire assets from Atlas Mara in Zambia, Botswana and Zimbabwe

After purchasing the Atlas Mara assets in Mozambique at the end of September 2020, Access Bank Plc wants to acquire its other stakes in Zambia, Botswana and Zimbabwe.

Nigeria’s largest bank in terms of assets is in talks with Atlas Mara officials for the acquisition, sources familiar with the matter reported on Wednesday (December 2nd). This new transaction demonstrates Atlas Mara’s willingness to focus on its other activities, deemed more profitable in a difficult coronavirus environment.

According to official statistics, the structure has lost 96% of its value since its listing on the London Stock Exchange in 2013. In this dynamic, the company agreed last week to sell its Rwandan and Tanzanian subsidiaries to KCB Group Plc of Kenya.

Note that Access Bank Plc recorded profit after tax (EBI) up 16% in 3e quarter of 2020, or 102.3 billion naira ($ 270 million) compared to 88.4 billion naira ($ 232 million) in the same period last year.

Present in 7 African countries (Sierra Leone, Gambia, Ghana, Nigeria, Rwanda, Zambia and Congo), Access Bank plans to expand its activities in 22 countries of the continent by 2024.

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