Access Bank moves to acquire Zambia’s Cavmont Bank Limited

Access Bank Plc has made the move to acquire a Zambian bank 16 months after taking over Diamond Bank in a $235 million deal.

The move follows the bank’s mission to become Africa’s largest bank by customers with already an existing 29 million customers.

The bank keeps making landmark achievement as the new acquisition would be the second across Africa having acquired Transnational Bank Limited of Kenya.

Herbert Wigwe and Pascal Dozie
Herbert Wigwe and Pascal Dozie at the merger between Access Bank and Diamond Bank.

The Nigerian bank, which is fast taking over Africa, recently announced plans for the acquisition of 100 percent of a Zambia-based financial institution, Cavmont Bank Limited.

The bank disclosed this in a regulatory filing to the Nigerian Stock Exchange (NSE) signed by its Company Secretary, Sunday Ekwuochi.

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.”

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