Following the official statement released that the transaction for the take over of Atlas Mara by Access Bank has been completed, it has emerged that some operational and legal obstacles may still stand in the way.
A check by the Zambian Business Times – ZBT revealed that critical actions such as the timelines for the rebranding of Atlas Mara branches and facilities to Access bank have not yet been finalized or communicated, a notable gap in change in control best practice procedures.
Further, a legal case was in November 2023 initiated by prominent Zambian businessman and founder of Finance bank – Rajan Mahtani against Atlas Mara accusing the bank of failing to pay off what they owed him. It’s not clear if this London high court case will not affect the change in control processes.
While the acquisition was announced to have been completed and all necessary regulatory approvals obtained, sources suggest that the there are still some obstacles in the way.
In an exclusive interview with the Zambian Business Times – ZBT, inside sources revealed that the acquisition process has not yet been completed and that the two banks will continue to operate independently until further notice.
Despite Access Bank assurances that both banks will continue to operate independently, the further delay in the change over and full integration process may lead to loss of market share and clients by both entities.
