The Subsidiary of Access Bank in Zambia has announced the completion of its acquisition of Cavmont Bank Limited.
This announcement was made on the official website of the Nigerian Stock Exchange (NSE) in a statement by Access Bank and signed by the Company’s Secretary, Sunday Ekwochi.
The Statement which was dated January 6, 2021 with a title “ACCESS BANK (ZAMBIA) LIMITED COMPLETES THE ACQUISITION OF CAVMONT BANK LIMITED ” announced that its Zambian subsidiary has completed the acquisition of Cavmont Bank Limited following the fulfilment of key conditions.
“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’), foiiowing fulfilment of the key conditions precedent including regulatory approvals.” The statement read in part.
The acquisition of Cavmont Bank by Access Bank is expected to emerge as a stronger and well-capitalised banking franchise with improved scale.
“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 delver sustainable and best-in-class financial services in the Zambian market.” It stated.
The merger is also aimed at Growing Access Bank’s Presence in Zambia.
“Growing our presence in Zambia remains a strategic pnority 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” Access Bank stated.