The management of Access Bank Plc has said its Zambian subsidiary has completed the acquisition of Cavmont Bank Limited.
The bank said the acquisition followed the fulfillment of key conditions, including regulatory approvals.
Access bank made this known in a disclosure notice sent to the Nigerian Stock Exchange on Wednesday.
The notice was signed by Sunday Ekwochi, the bank’s secretary.
Last July, PREMIUM TIMES reported how the bank announced plans by its Zambian subsidiary to acquire Cavmont Bank Limited, a subsidiary of Capmont 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.
On Wednesday, Access Bank said the merger of Cavmont into Access Bank Zambia will hold before the end of January 2021.
“The merger of Cavmont into Access Bank Zambia is expected to take place before the end of January 2021, following which 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.”
In 2019, Access Bank acquired Diamond Bank Plc in a move that made it the largest bank by customer base in Nigeria.
Earlier in 2020, the bank also claimed that it received approval from the Central Bank of Nigeria to acquire majority equity shares in Transnational Bank Plc, based in Kenya.
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