DETAILS have emerged that Access Bank Plc, through its subsidiary in Zambia, has acquired Cavmont Bank Limited following the fulfillment of key conditions, including regulatory approvals.
This is according to a recent notice sent to the Nigerian Stock Exchange.
In July, Access Bank in Nigeria announced plans by its Zambian subsidiary to acquire Cavmont Bank Limited, a subsidiary of Cavmont Capital.
The bank said at the time that it had “entered into exclusive discussions” with Cavmont Capital Holdings Zambia Plc regarding the potential transaction between Access Bank Zambia and Cavmont Bank Limited, a wholly-owned subsidiary of Cavmont Capital.
“The merger of Cavmont into Access Bank Zambia will emerge as 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,” the notice read.
“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.”