Access Bank Plc has announced plans for the acquisition of 100 percent
of Cavmont Bank Limited, a Zambia-based financial institution.
The bank disclosed this in a regulatory filing to the Nigerian Stock
Exchange (NSE) signed by Mr. Sunday Ekwuochi, its Company Secretary.
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 percent 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 with
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.”
The News Agency of Nigeria (NAN) reports that the acquisition would be
the second across Africa having acquired Transnational Bank Limited of
Kenya.