BREAKING: Access Bank Moves To Acquire Zambian Bank

Access Bank Plc, has begun an intensive discussion towards full acquisition of Cavmont Bank Limited, a Zambia-based financial institution.

Access Bank has taken this step to secure the acquisition through Access Bank Zambia Limited, its Zambian subsidiary.

In a regulatory filed at the Nigerian Stock Exchange (NSE), the Bank stated that it has begun negotiations to acquire 100 per cent equity stake in Cavmont Bank Limited from Cavmont Capital Holdings Zambia Plc, the sole owner of Cavmont Bank.

Reaching the advance level of negotiations on the merger, Access Bank stated that there is no certainty yet on agreement or terms of the transaction, urging investors to exercise caution when dealing on its shares.

According to the bank, the completion of the transaction is subject to formal regulatory approvals.

“Access Bank will update the market as appropriate and in accordance with its disclosure obligations,” a statement said.

Recall that in 2019, the Bank had acquired Diamond Bank Plc in a merger that leapfrogged the first-tier commercial bank above the retail banking segment.

The business combination with Diamond Bank nudged Access Bank’s rating as a leading Tier 1 Nigerian bank into the largest bank in Africa by number of customers, spanning three continents, 12 countries, 3,100 Automated Teller Machine (ATM), more than 33,000 Point of Sales (PoS) terminals, 27 million clients and more than 10 million mobile customers.

Group Managing Director, Access Bank Plc, Dr Herbert Wigwe, has said the bank’s strategic plan is to become the most important bank and gateway to Africa.