Access Bank Completes 100% Acquisition Of Zambia’s Cavmont Bank

Access Bank Plc, a Nigerian leading bank on Wednesday confirmed that its Zambian subsidiary had completed the acquisition of Cavmont Bank Limited following fulfillment of the key conditions precedent including regulatory approvals.

According to a notification at the Nigerian Stock Exchange signed by Sunday Ekwochi, Company Secretary, the acquisition was sequel to its announcement of August 6, 2020.

It said the merger of Cavmont into Access Bank Zambia would take place before the end of January 2021, following which Access Bank Zambia will emerge as a stronger and well capitalised banking franchise with improved scale and capacity to deliver sustainable and best-in class financial services in the Zambian market.

“Growing our presence in Zambia remains a strategic priority for Access Bank and with the conclusion of the proposed merger with Cavmont, the bank looks forward to realising the synergies from the transaction and achieving further growth of the combined platform to the benefit of all stakeholders,” the note said.

Access Bank’s plans for acquisition of 100 per cent of Cavmont Bank Limited after entering into exclusive discussions with Cavmont Capital Holdings Zambia Plc.

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