Dev. Finance
Access Bank Acquires Zambian Bank, Cavmont
The Zambian subsidiary of Access Bank Plc has completed the acquisition of Cavmont Bank Limited following the fulfilment of the key regulatory approvals and other requirements.
Access Bank Plc made this known in a notice to the Nigerian Stock Exchange on Wednesday.
The notice signed by the Company Secretary, Sunday Ekwochi, said the merger of the two banks would be completed before the end of January.
On the conclusion of the merger, the bank pledged to deliver sustainable and best-in-class financial services to customers in Zambia.
It said, “Sequel to our announcement of August 6, 2020, the Board of Access Bank Plc today announces that its Zambian subsidiary, Access Bank (Zambia) Limited has completed the acquisition of Cavmont Bank Limited following the fulfilment of the key conditions precedent including regulatory approvals.
“The merger of Cavmont into Access Bank Zambia is expected to 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.”
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“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.”
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