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Access Bank’s Zambian Arm completes cavmont Bank Acquisition

Access Bank Plc, at the midweek, said its Zambian subsidiary has completed the acquisition of Cavmont Bank Limited, after fulfilling key conditions precedent, including regulatory approvals.

In a filing with the Nigerian Stock Exchange (NSE), the bank said the merger of Access Bank Zambia and Cavmont will happen before the end of January 2021, resulting in “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.”

According to the filing by Sunday Ekwochi, company secretary of the bank, the board assured further that growing its presence in Zambia remains a strategic priority for Access Bank.”

Following the conclusion of the proposed merger with Cavmont, the bank said it “looks forward to realizing the synergies from the transaction and achieving further growth of the combined platform to the benefit of all stakeholders.”

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