Access Bank Completes Acquisition Of Zambian Cavmont Bank Ltd

Access Bank Completes Acquisition Of Zambian Cavmont Bank Ltd

Access Bank has completed the acquisition of Zambian Cavmont Bank Ltd, in a bid to expand its African continent operations, having fulfiled pre-requisite conditions, including regulatory approvals.

The Lender made the disclosure through a press statement signed by the Bank’s secretary, Mr. Sunday Ekwochi and sent to the Nigerian Stock Exchange.

The bank’s statement read in part ‘’Sequel to our announcement of August 6, 2020, the Board of Access Bank Plc (‘’the Bank’) today announces that its Zambian subsidiary, Access Bank (Zambia) Limited has completed the acquisition of Cavmont Bank Limited (‘’Cavmont’’), following fulfilment of the key conditions precedent including regulatory approvals.

‘’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.’’

With the acquisition Access Bank Zambia has become stronger and well-capitalized banking franchise with improved scale and capacity to deliver sustainable and best-in-class financial services in the Zambian market.

The deal is a highly complementary transaction that would combine Access Bank Zambia’s wholesale and trade finance capabilities with Cavmont Bank’s retail and commercial banking operations.

Online Editor

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