Access Bank Zambia

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Access Bank Zambia
Company typeSubsidiary of Access Bank Group
Industry Financial services
FoundedSeptember 24, 2008;16 years ago (2008-09-24)
Headquarters Lusaka, Zambia
Key people
Caleb Amos Mulenga
Chairman
Lishala Situmbeko
Managing Director and CEO
Products Loans, Checking, Savings, Investments, Debit Cards
RevenueIncrease2.svg ZMW:62,955,000 (US$5.667 million) (Q4:2022)
Total assets ZMW:5,869,391,000 (US$528.24 million) (Q4:2022)
Website Homepage

Access Bank Zambia, whose full name is Access Bank Zambia Limited, is a commercial bank in Zambia. It is licensed by the Bank of Zambia, the central bank and national banking regulator. [1]

Contents

Location

The headquarters and main branch of Access Bank Zambia are located at 632 Cairo Road, in the city Lusaka, the capital city of Zambia. [2] The geographical coordinates of the headquarters of Access Bank Zambia are: 15°24'43.0"S, 28°16'49.0"E (Latitude:-15.411944; Longitude:28.280278). [3]

Overview

The bank is a medium-sized retail bank, serving the needs of Zambian companies, small and medium sized enterprises and individuals. As of December 2022 Access Bank Zambia had assets valued at ZMW:5,869,391,000 (approximately US$528.24 million), with shareholders equity of ZMW:962.87 million (US$86.66 million). [4]

The bank, which was established on 24 September 2008, is a subsidiary of Access Bank Group, an international bank that maintains headquarters in Nigeria and has subsidiaries in eight countries in Africa one country in Western Europe. [5]

Access Bank Group

By virtue of its shareholding, Access Bank Zambia is a member of the Access Bank Group, a financial services conglomerate, whose shares are listed on the Nigerian Stock Exchange and whose total asset valuation exceeded US$18.82 billion (NGN:7.28 trillion), as of June 2020. [6]

The group has banking subsidiaries in Democratic Republic of the Congo, Gambia, Ghana, Kenya, Nigeria, Rwanda, Sierra Leone and the United Kingdom. The group maintains representative offices in Lebanon, United Arab Emirates, India and China. [7] [8]

Branches

The branches of Access Bank Zambia include the following: [2]

  1. Cairo Road Branch: 632 Cairo Road, Lusaka
  2. Longacres Branch: 2166 Haile Selassie Avenue, Longacres, Lusaka
  3. Acacia Park Branch: Acacia Park, 22768 Thabo Mbeki Road, Lusaka
  4. Makeni Mall: Shop 50, Makeni Mall, 38388 Kafue Road, Lusaka
  5. Ndola Branch: 3055 Mpelembe House, Ndola
  6. Kitwe Branch: 493/494 Union House, Kitwe.

Acquisition of Cavmont Bank

In August 2020 Access Bank Zambia entered into a binding commitment to acquire the entire issued ordinary share capital, assets and liabilities of Cavmont Bank, another Zambian commercial bank. The transaction, which requires regulatory and shareholder approval, is expected to close in Q4 of 2020. [9] [10]

Merger with Atlas Mara Bank Zambia

In October 2021, Access Bank Zambia signed binding agreements to merge with Atlas Mara Bank Zambia Limited. The transaction which requires regulatory approval in Nigeria and Zambia, is expected to conclude in 2022. The merger of Access Bank Zambia and Cavmont Bank was concluded in 2000. [11]

It is anticipated that when the merger with Atlas Mara Bank Zambia is concluded, Access Bank Zambia's total assets will exceed US$1 billion, with over 300,000 customer accounts and 70 branches and baking agencies. [12]

See also

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References

  1. ↑ Bank of Zambia (1 September 2020). "List of Licensed Commercial Banks in Zambia". Lusaka: Bank of Zambia . Retrieved 1 September 2020.
  2. 1 2 Access Bank Zambia (30 April 2018). "The Branch Network of Access Bank Zambia Limited". Lusaka: Access Bank Zambia. Archived from the original (Archived from the original on 30 April 2018) on 30 April 2018. Retrieved 1 September 2020.
  3. ↑ "Location of the Headquarters of Access Bank Zambia, Lusaka, Zambia" (Map). Google Maps . Retrieved 1 September 2020.
  4. ↑ "2022 Q4 Financial Statement 31 December 2022" (PDF). Access Bank Zambia Limited. Lusaka: Access Bank Zambia. 31 December 2022. Retrieved 6 June 2023.{{cite web}}: CS1 maint: date and year (link)
  5. ↑ Access Bank Zambia (30 April 2018). "About Us: Our History". Lusaka: Access Bank Zambia. Archived from the original (Archived from the original on 30 April 2018) on 30 April 2018. Retrieved 1 September 2020.
  6. ↑ Goddy Egene (13 May 2020). "Access Bank: Delivering Shareholders' Value". This Day Live . Lagos. Retrieved 1 September 2020.
  7. ↑ James Anyanzwa (3 November 2019). "Nigeria's biggest lender enters EA market to grow African footprint". The EastAfrican . Nairobi. Retrieved 1 September 2020.
  8. ↑ Faith Ikade (3 June 2020). "Access Bank Becomes Major Shareholder In Its Rwanda Subsidiary". Lagos: Ventures Africa. Retrieved 1 September 2020.
  9. ↑ Nyasha Nyaungwa (6 August 2020). Tim Cocks and Alexander Smith (ed.). "Nigeria's Access Bank buys loss-making Zambian Cavmont". Reuters.com. Archived from the original on 8 August 2020. Retrieved 1 September 2020.
  10. ↑ Lusaka Times (7 August 2020). "Access Bank acquires Cavmont Bank Ltd". Lusaka Times. Retrieved 1 September 2020.
  11. ↑ Dennis Erezi (27 October 2021). "Access Bank signs merger deal with AtlasMara Zambia" . Retrieved 27 October 2021.
  12. ↑ Ronald Adamolekun (26 October 2021). "Access Bank to merge newly acquired Zambian unit with African Banking Corp". Premium Times . Abuja, Nigeria. Retrieved 6 April 2022.
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