Access Holdings Plc on Monday said it has obtained all required regulatory approvals for the acquisition of Megatech Insurance Brokers Ltd, an insurance brokerage company licensed and regulated by the National Insurance Commission (NAICOM).
The company secretary, Access Holdings, Sunday Ekwochi in a statement on the Nigerian Exchange Limited (NGX) said the acquisition of the Company complements Holdings company bouquet of product offerings in pursuit of its vision of building globally connected communities of ecosystems inspired by Africa for the world.
In this regard, Megatech will strive to create a world where risk is efficiently managed so that we can confidently seek and seize growth opportunities.
Commenting on the acquisition, Group Chief Executive Officer, Access Holdings, Herbert Wigwe in a statement said: “This acquisition is a natural step in our evolution as a globally connected community and ecosystem and aligns with our mission to build and sustain one global platform, open for anyone to join where people can be connected to exceptional opportunities.
“The Company will design and provide intelligent solutions that mitigate the unique risks faced by individuals and businesses in an ever-changing world using leading risk management tools and governance standards.’’
The acquisition, which is part of the continued growth strategy of the bank, comes a week after the financial institution announced the completion of the acquisition of African Banking Corporation Zambia Limited, trading as Atlas Mara Zambia by Access Bank Zambia Limited.
With the approval, Atlas Mara is now a wholly owned subsidiary of Access Bank Zambia and the two banks will continue to operate separately until all integration-related issues are finalised.
Once the merger is complete, the combined entities will become one of Zambia’s top five banks by revenue with prospects to be in the top three by 2027.
On completion of the full integration of the two banks, customers will have access to a total of over 60 branches, five cash centres, eight agencies, and more than 5,300 Tenga Express Agents together with a network of over 240 ATMs across the country.
Access Bank PLC, a subsidiary of Access Holdings Plc, is a leading full-service commercial bank operating through a network of more than 700 branches and service outlets spanning three continents, 21 countries, and over 65 million customers.
The Bank employs over 28,000 thousand people in its operations in Africa, the United Kingdom, the United Arab Emirates, and France, and representative offices in China, India, and Lebanon.
The Bank is a diversified financial institution that combines a strong retail customer franchise and digital platform with deep corporate banking expertise, proven risk management, and capital management capabilities. The Bank services its various markets through five business segments: Personal, Business, Operations, and IT, Commercial, and Corporate & Investment Banking. The Bank has enjoyed what is arguably Africa’s most successful banking growth trajectory in the last 18 years, becoming one of the continent’s largest retail banks.
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