Access Bank Plc has commenced an exclusive discussion towards full acquisition of Cavmont Bank Limited, a Zambia-based financial institution. Access Bank is seeking to consummate the acquisition through its Zambian subsidiary, Access Bank Zambia Limited.
In a regulatory filing on Wednesday July 8, 2020, at the Nigerian Stock Exchange (NSE), Access Bank stated that it has entered discussions to acquire 100 per cent equity stake in Cavmont Bank Limited from Cavmont Capital Holdings Zambia Plc, the sole owner of Cavmont Bank.
While the discussions on the merger have reached advanced stage, 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,” Access Bank stated.
Access Bank had last year acquired Diamond Bank Plc in a merger that leapfrogged the first-tier commercial bank atop 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, Mr Herbert Wigwe, has said the bank’s strategic plan is to become the most important bank and gateway to Africa.