Access Holdings Makes Big Move, Buys Insurance Company After Acquiring Zambian Bank
- Access Holdings Plc has disclosed its plans as it acquires Megatech Insurance Brokers Ltd, an insurance brokerage company licensed by NAICOM
- It stated that the development is in line with its vision of building a globally connected community of ecosystems inspired by Africa for the world
- The group chief executive officer of the bank commended the move, adding that it is a natural step in its evolution as a globally connected community
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Legit.ng journalist Zainab Iwayemi has over three years of experience covering the Economy, Technology, and Capital Market.
Access Holdings Plc has announced the acquisition of Megatech Insurance Brokers Ltd.
It disclosed this in a statement signed by Sunday Ekwochi, the company's secretary, in a disclosure to the Exchange.
Source: UGC
This comes after Access Bank Zambia Limited, a subsidiary of Nigeria's Access Corporation, confirmed the successful acquisition of African Banking Corporation Zambia Limited, which operates under Atlas Mara Zambia.
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Legit.ng reported that the development means Atlas Mara is now a wholly-owned subsidiary of Access Bank Zambia.
New acquisition for Access Bank
The holding company announced that it has obtained all required regulatory approvals for the acquisition of Megatech Insurance Brokers Limited, an insurance brokerage company licensed and regulated by the National Insurance Commission.
It noted that the acquisition complements Access Holdings' bouquet of product offerings in pursuit of its vision of building a globally connected community of ecosystems inspired by Africa for the world.
Megatech also stated that it would strive to create a world where risk is efficiently managed so that the company can confidently seek and seize growth opportunities.
Herbert Wigwe, group chief executive officer for Access Holdings, 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.’’
Charles Abuede, a financial analyst said Access Holdings' acquisition of Megatech insurance broker, coupled with its recent purchase of Atlas Mara Bank in Zambia strategically positions the company on a trajectory toward becoming a leading financial services entity in Africa.
He said,
"This expansion drive not only broadens its presence across diverse financial sectors but also strengthens its overall market influence. By integrating insurance and banking services, Access Holdings aims to offer a comprehensive suite of financial solutions, consolidating its position as a key player in the African financial services landscape."
Access Holdings announces 58% jump in gross earnings to N940bn in six months
Legit.ng earlier reported that Access Holdings Plc declared gross earnings of N940.311 billion in the first six months of 2023.
This represented a 58% increase compared to N591.80 billion earnings reported in the corresponding period 2022.
The figures were disclosed in the financial company's financial statement submitted to the Nigerian Exchange.
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Source: Legit.ng
