Access Holdings has announced its acquisition of Megatech Insurance Brokers Ltd, an insurance brokerage company licensed and regulated by the National Insurance Commission, NAICOM.
In a letter to the Nigeria Exchange Limited signed by the Access Holdings Plc Company Secretary Sunday Ekwochi stated that the acquisition complements the Company’s bouquet of product offerings in pursuit of its vision of building globally connected communities of ecosystems inspired by Africa for the world.
Speaking on the acquisition the Group Chief Executive Officer Mr. Herbert .O. Wigwe 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 business in an ever-changing world using leading risk management tools and governance standards.”
Access Holdings has been in an acquisition spree for more than a year now, trying to deepen its reach across the continent.
In May 2023, the lender received regulatory approval from the Central Bank of Angola to proceed with the purchase of a majority stake in Finibanco Angola. In July, it acquired the sub-Saharan subsidiaries of Standard Chartered Bank for an undisclosed sum.
Between December 2022 and June 2023, both Access Holdings’ total assets and total liabilities have surged 39 per cent. Its total assets is N20 trillion in June 2023, from N14 trillion in December 2022, less than six months.
Last week, the bank completed the acquisition of African Banking Corporation Zambia Limited, trading as Atlas Mara Zambia.
The lender consummated the transaction through its Zambian banking operation, making the new acquisition a wholly owned subsidiary of Access Bank Zambia.
It would be recalled that Nigeria’s biggest lender by assets announced last April that it had received the final regulatory approval for the deal from the Central Bank of Zambia, giving it the latitude to expand its footprint in the southern African nation.
The lender expects the merger to produce one of the top five banks in Zambia, hoping to leverage Atlas Mara’s big traction in the retail and public sectors to create a market leading universal banking platform in the country.
Established in 2022, Access Holdings Plc consists of Access Bank Group, a Payment & Switching Services Company, a Digital Lending Company, a Pension Fund Company and an Insurance Brokerage Company.
