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Access bank to acquire Zambian bank

Access Bank

Fifteen months after the acquisition of Daimond bank, Access Bank Plc has commenced an exclusive discussion towards full acquisition of Cavmont Bank Limited, a Zambia-based financial institution.

Access Bank is seeking to consummate the acquisition through its Zambian subsidiary, Access Bank Zambia Limited.

In a regulatory filing at the Nigerian Stock Exchange (NSE), Access Bank stated that it has entered discussions to acquire 100 per cent equity stake in Cavmont Bank Limited from Cavmont Capital Holdings Zambia Plc, the sole owner of Cavmont Bank.

While the discussions on the merger have reached advanced stage, Access Bank stated that there is no certainty yet on agreement or terms of the transaction, urging investors to exercise caution when dealing on its shares.

According to the bank, the completion of the transaction is subject to formal regulatory approvals.

This transaction would be the second across Africa in the space of 8 months haven earlier received the go-ahead to ‘acquire Transnational Bank Limited ’ from Competition Authority of Kenya.

The acquisition will see Access Bank takeover 93.57% of Transnational Bank Limited

Access Bank had last year acquired Diamond Bank Plc in a merger that leapfrogged the first-tier commercial bank atop the retail banking segment.

Group Managing Director, Access Bank Plc, Dr Herbert Wigwe, has said the bank’s strategic plan is to become the most important bank and gateway to Africa

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