Nigeria’s Access Bank In Talks To Buy Atlas Mara

Lagos-based Access Bank is in talks to acquire businesses belonging Atlas Mara in Zambia, Botswana and Zimbabwe, sources indicate. 

Reports suggest negotiations are still in the early stages and no decision has been made yet. However, if successful, Atlas Mara would still be left with its largest investment: a 49.7% stake in the Union Bank of Nigeria. 

The talks come off the back of a similar deal between the financial institutions after Access Bank bought Atlas Mara’s Mozambique unit at the end of September. 

Representatives from both Atlas and Access have so far refused to comment.

Atlas Mara previously lost 96% of its value on the London Stock Exchange in 2013, forcing it to exit several markets or seek partnerships. The company’s Zambian assets were listed among its discontinued operations in the first-half earnings report.