Atlas Mara Bank Zambia Limited

Atlas Mara Bank Zambia Limited (AMBZL), commonly referred to as Atlas Mara Bank Zambia, is a commercial bank in Zambia. It is licensed by the Bank of Zambia, the central bank and national banking regulator.[4] AMBZL was established on 1 December 2016, when BancABC Zambia Limited merged with Finance Bank Zambia Limited.[2]

Atlas Mara Bank Zambia Limited
TypePrivate
IndustryFinancial Services
FoundedDecember 1, 2016 (2016-12-01)
HeadquartersLusaka, Zambia
Key people
Mary Ncube
Chairperson[1]
James Koni
Managing Director & CEO[2]
ProductsLoans, Checking, Savings, Investments, Debit Cards
Revenue Aftertax:
Total assetsUS$616 million (2016)
Number of employees
831 (2019)[3]
WebsiteHomepage

Location

The headquarters of the bank and its main branch, are located in Atlas Mara House, at the corner of Church Road and Nasser Road, in the city of Lusaka, the capital and largest city of Zambia.[2] The coordinates of the bank's headquarters are: 15°25'08.0"S, 28°18'02.0"E (Latitude:-15.418889; Longitude:28.300556).[5]

Overview

Atlas Mara Bank is a large retail bank serving individuals, small and medium sized enterprises, large corporations and government departments across Zambia. As of December 2016, the bank controlled US$616 million in assets. At that time its branch network totaled 65 full branches, 24 agencies and 177 automated teller machines. Then, it was the fifth largest bank in Zambia by asset value.[6]

History

BancABC Zambia Limited was established in the early 2000s, as part of the BancABC conglomerate. In August 2015, Atlas Mara acquired 100 percent shareholding in BancABC.[2]

Finance Bank Zambia Limited was established in 1986, having acquired a banking license from the Bank of Zambia. Its registered offices and main branch were located in Ndola, Zambia.[2]

In November 2015 Atlas Mara, the parent of ABCBanc Zambia Limited, declared their intentions to acquire 100 percent shareholding in Finance Bank Zambia via stock and cash. The acquisition required regulatory approval.[7]

On 1 July 2016, Atlas Mara completed the acquisition of FBZ Limited, for US$61 million in cash, 3.3 million shares of Atlas Mara stock and a deferred contingent consideration of up to 1.3 million shares. Atlas Mara announced that they planned to merge both FBZ Limited, which they had just acquired, with BancABC Zambia, which they already owned.[8][9]

The merger of the two banks was effected on 1 December 2016, by the integration of their banking platforms into one operating system. The new entity adopted its current name, to reflect the new ownership.[2][6]

Ownership

As of 1 December 2016, the stock of the bank was 100 percent owned by Atlas Mara, a financial services conglomerate, with headquarters in Tortola, British Virgin Islands, and whose shares are traded on the London Stock Exchange.[2][6]

Branch Network

As of December 2016, Atlas Mara Bank Zambia, maintained a main office and a network of 65 stand-alone branches and 24 agencies, in all major metropolitan areas of Zambia.[6]

See also

References
  1. Atlas Mara Zambia (1 January 2018). "Atlas Mara Zambia Board Appointment: Mary Thandiwe Ncube". Lusaka: Atlas Mara Zambia Limited. Retrieved 30 April 2018.
  2. Atlas Mara Bank Zambia (3 November 2017). "Atlas Mara Bank Zambia Is Created By the Merger of BancABC Zambia and Finance Bank Zambia" (PDF). Lusaka: Atlas Mara Bank Zambia Limited. Retrieved 30 April 2018.
  3. Victor Juma (5 July 2019). "Equity deal adds 2,641 new staff to payroll". Business Daily Africa. Nairobi. Retrieved 5 July 2019.
  4. Bank of Zambia (30 April 2018). "Bank of Zambia: List of Licensed Commercial Banks". Lusaka: Bank of Zambia. Retrieved 30 April 2018.
  5. Google (30 April 2018). "Location of the Headquarters of Atlas Mara Bank Zambia Limited" (Map). Google Maps. Google. Retrieved 30 April 2018.
  6. Atlas Mara Group (31 December 2018). "Atlas Mara Group: Annual Report for the Year Ended 31 December 2016" (PDF). Gaborone. Retrieved 30 April 2018.
  7. Regulatory News Service (2 November 2015). "Atlas Mara to acquire Finance Bank of Zambia Plc". London]]: London Stock Exchange. Retrieved 30 April 2018.
  8. Zambia Watchdog (1 July 2018). "Atlas Mara completes acquisition of Finance Bank". Lusaka: ZambiaWatchDog.com. Retrieved 30 April 2018.
  9. Staff Reporter (6 July 2016). "Atlas Mara appoints Benjamin Dabrah as MD as it completes Finance Bank takeover". Lusaka Times. Lusaka. Retrieved 30 April 2018.

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