Access Bank Acquires Zambian Cavmont Bank Limited
Access Bank Zambia, a subsidiary of Nigeria’s Access Bank Plc, has completed the acquisition of Cavmont Bank Limited, a subsidiary of Cavmont Capital Holdings Zambia Plc
The Bank stated that the full merger of Cavmont and Acess Bank Zambia would be effected before the end of January, 2021.
Recall that in August 2020, Access Bank formally announced its planned acquisition of Cavmont.
The Company Secretary, Sunday Ekwochi, in a statement on Wednesday, disclosed that the merger came into fruition following fulfilment of key conditions precedent including regulatory approvals.
The statement read; “Sequel to our announcement of August 6 2020, Acess Bank Plc today announces that it’s Zambian subsidairy Access Bank Zambia limited has completed the acquisition of Cavmont Bank Limited, following fulfilment of key conditions precedent including regulatory approvals.”
According to Access Bank, the merger with Cavmont will improved the bank’s scale and capacity to deliver sustainable services.
“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 Zambia market”.
“Growing our presence in Zambia remains our strategic priority for Acess 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 from the combined platforms to the benefit of all stakeholders.”
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