BVI-domiciled financial services group Atlas Mara Limited has completed the acquisition of 100 per cent of Finance Bank Zambia Limited and its subsidiaries, for consideration of approximately US$61 million in cash and 3.3 mln of BVI group's shares, not including deferred contingent consideration of up to 1.3 million Atlas Mara shares. Finance Bank Zambia Limited will be combined with African Banking Corporation Zambia Limited, which is a Zambian subsidiary of Atlas Mara Limited. The merged bank, with combined assets of approximately US$567 million as at December 31, 2015, will be one of the largest banks in terms of branch footprint in Zambia. Its physical presence will increase from 23 to 65 branches, 176 ATMs and 23 agencies.
CEO of the BVI financial group said in his comments:
"The acquisition of FBZ is another important step in the execution of Atlas Mara's strategy to build sub-Saharan Africa's premier financial institution, in part, by becoming a scale participant in our countries of operation, which this transaction will achieve for us in Zambia..."
