Access Bank has officially announced the complete acquisition by its Zambian subsidiary of the Cavmont Bank Limited.
Access Bank had earlier, in August notified the Nigerian Stock Exchange (NSE) of the deal, and has now completed the major acquisition through its Zambian subsidiary.
The acquisition, according to Access Bank is expected to strengthen the financial institution’s presence in the southern African country.
“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 fulfillment of the key conditions precedent including regulatory approvals.
“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,” read the Access Bank statement, Monday.