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Entry Holdings Plc has introduced that Entry Financial institution Zambia Restricted (Entry Zambia), a subsidiary of its flagship subsidiary, Entry Financial institution, has acquired ultimate regulatory approval from the Central Financial institution of Zambia for the acquisition and merger of African Banking Company Zambia Restricted (Atlas Mara Zambia) into its present operations.
This data follows its announcement on October 25, 2021. The Central Financial institution of Nigeria (CBN) and Widespread Marketplace for Japanese and Southern Africa Competitors Fee had earlier granted their “no objection” to the Transaction in 2022.
Entry Zambia will now transfer in direction of integrating and merging Atlas Mara Zambia into its operations, which is predicted to create one of many prime 5 banks in Zambian.The transaction is predicted to be accomplished in third quarter (Q3) of 2023.
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Commenting on the transaction, Herbert Wigwe, Group Chief Government Entry Holdings mentioned: “The transaction builds on our earlier acquisition and merger of Cavmont Financial institution Plc into Entry Financial institution Zambia and underscores our resolve to strengthen our presence in Zambia, a key African market that matches into our strategic concentrate on geographic earnings progress and diversification.
The mixture of the 2 banks will create vital synergies between Entry Zambia’s world class wholesale and transaction banking capabilities and Atlas Mara Zambia’s market main retail and public sector capabilities to kind a market main common banking platform that may tremendously influence the Zambia market”
