One of the most talked about topics in recent days is BancABC’s plan to takeover the Finance Bank of Zambia. The same news was confirmed by Atlas Mara, a majority shareholder of BancABC. This is probably the biggest takeover of a commercial bank that Zambia has ever seen. The combined assets after the takeover is likely to be somewhere close to USD $ 418 million.

As per the prevailing condition, Dr. Rajan Mahtani, former Chairman of FBZ, has too confirmed this news and is extremely pleased with the proceedings. The deal will include cash as well as shares of BancABC. According to confirmed reports, the Finance Bank of Zambia would be getting USD $ 60 million in cash and another USD $ 2.6 million in shares. To sum up, the total value of the deal is close to USD $ 62.6 million.

The mutual party in this deal is Dr. Rajan Mahtani. He holds an important position in Atlas Mara and also is the former Chairman of FBZ. This means that most of the threats which are connected with takeovers would be eliminated immediately. The existing employees would continue to work and the plans and policies would be upgraded along with better technological updates.

Dr. Rajan Lekhraj Mahtani has indeed played a masterstroke by merging two of the most famous banks in Zambia and combining them into one. The merger would result in the development of Zambia’s largest bank. An employee of FBZ commented, “I am very excited to hear this news. Over the years, I was working for Zambia’s sixth largest bank and today I can proudly say that I’ll be soon working for Zambia’s largest bank. Thank you Dr. Rajan Mahtani, we consider ourselves as fortunate to be able to work under you. You will always have our support.”