Access Bank has completed the acquisition of Zambian Cavmont Bank Limited following the fulfillment of key conditions.
Investors King reported in July 2020 that Access Bank Plc wholly-owned subsidiary in Zambia (Access Bank Zambia Limited) Limited was in talks to acquire Cavmont Bank Limited, a subsidiary of Cavmont Capital.
According to a statement issued by the bank and signed by Mr. Sunday Ekwochi, Company Secretary, Access Bank Plc, the merger of Cavmont into Access Bank Zambia will take place before the end of this month.
This, the bank expected to strengthen Access Bank Zambia core metrics. It said, “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.”
“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.”
