Access Bank Zambia completes acquisition of Cavmont Bank

The Board of Access Bank Plc yesterday announced that its Zambian subsidiary, Access Bank (Zambia) Limited has completed the acquisition of Cavmont Bank Limited following fulfillment of the key conditions precedent including regulatory approvals. According to a statement from the bank, 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-capitalized 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 realizing the synergies from the transaction and achieving further growth of the combined platform to the benefit of all stakeholders,” the bank said. Access Bank Plc announced recently that its wholly owned subsidiary in Zambia, Access Bank Zambia Limited, had entered into exclusive discussions with Cavmont Capital Holdings Zambia Plc.

The discussion, according to a notice obtained from the Nigerian Stock Exchange, is regarding a potential transaction between Access Bank Zambia and Cavmont Bank Limited, a wholly owned subsidiary of Cavmont Capital.

The potential transaction relates to the sale of 100 per cent of Cavmont Capital’s interest in Cavmont Bank to Access Bank Zambia. According to the statement, there can be no certainty that a transaction will be agreed, nor as to the terms of any such agreement. “The completion of a transaction would be subject to formal regulatory approvals. Access Bank will update the market as appropriate and in accordance with its’ disclosure obligations.




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