Access Bank to acquire 100% stake in Zambian Bank

Acess Bank PHOTO: smefinance

By NAN
Access Bank Plc has announced plans for the acquisition of 100 per cent of Cavmont Bank Limited, a Zambia-based financial institution. The bank disclosed this in a regulatory filing to the Nigerian Stock Exchange (NSE) signed by Mr Sunday Ekwuochi, its Company Secretary.
It said the acquisition plan would be consummated through its Zambian subsidiary, Access Bank Zambia Limited.
” Access Bank has entered into exclusive discussions with Cavmont Capital Holdings Zambia Plc, regarding a potential transaction between Access Bank Zambia and Cavmont Bank Limited.
“The potential transaction relates to the sale of 100 per cent of Cavmont Capital interest in Cavmont Bank to Access Bank Zambia,” it stated.
The bank explained that there was no certainty yet on agreement or terms of the transaction.
It, however, urged investors to exercise caution when dealing in Access Bank’s securities until a full announcement was made.
The bank noted that “the completion of a transaction would be subject to formal regulatory approvals.”
The News Agency of Nigeria (NAN) reports that the acquisition would be the second across Africa having acquired Transnational Bank Limited of Kenya.