Access Bank, one of the foremost banks in Nigeria, is said to be in talks with Atlas Mara to buy its assets in Botswana, Zimbabwe and Zambia.
According to a Bloomberg report, deliberations are in preliminary stages and no final decision has been made.
If the deal goes through, this will be the second transaction between both companies as Access Bank agreed to buy Atlas Mara’s Mozambique unit at the end of September. This will also mean Atlas Mara will only be left with its 49.9% investment in Union Bank of Nigeria Plc in Africa.
Access Bank has been on an acquisition spree, in its bid to be one of the biggest banks in Africa. It is currently the Nigeria’s biggest bank by customer base after its acquisition of Diamond bank in 2019.
Access Bank acquired Transnational bank in Kenya in 2019 and Cavmont Capital in 2020
Bloomberg reports that “Atlas Mara, which has lost 96% of its value since listing on the London Stock Exchange in 2013, is exiting markets or seeking partners in countries where it doesn’t see opportunities to bulk up or make money.”
The firm, last week, agreed to sell its Rwandan and Tanzanian units to Kenya’s KCB Group.
At this point, it may not be inconceivable that Access Bank will also go for Atlas Mara’s stake in Union Bank of Nigeria and this has been in rumour mill for quite some time.
Access Bank says it plans to be present in 22 African countries over the next five years and currently operates in Sierra Leone, Gambia, Ghana, Nigeria, Rwanda, Zambia and Congo
