TRYNESS TEMBO, Lusaka
COMMON Market for Eastern and Southern Africa (COMESA) Competition Commission (CCC) has started the consideration of the merger between Access Bank Zambia Limited and Atlas Mara Bank following the application by the financial institutions.
Last year, Atlas Mara issued a cautionary announcement through the Lusaka Securities Exchange that it had reached an agreement with Access Bank Plc to merge, which is subject to regulatory approval in Zambia and Nigeria. CCC chief executive officer Willard Mwemba said after verification of completeness of the merger filing, the commission will have 120 days within which to determine whether the merger should be approved or dismissed. This is depending on its prudential and competitive effects not just on the Zambian market but other COMESA member states. “With regard to the Access Bank Zambia Limited and the Atlas Mara merger, we received an electronic filing of the merger transaction on December 17, 2021. “The receipt of the filing coincided with the closure of CLICK TO READ MORE