Access Bank to acquire 100% stake in Zambia’s Cavmont Bank Ltd

Access Bank to provide N50bn Interest-free loans to SMEs affected by #EndSARS protests
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Access Bank Plc announced today that its wholly-owned subsidiary in Zambia, Access Bank Zambia Limited is in advance discussions with Cavmont Capital Holdings Zambia Plc to acquire a 100% stake in Cavmont Bank Zambia Limited company.

The lender’s statement reads:
Access Bank Plc announces today that its wholly-owned subsidiary in Zambia, Access Bank Zambia Limited has entered into exclusive discussions with Cavmont Capital Holdings Zambia Plc regarding a potential transaction between Access Bank Zambia and Cavmont Bank Limited a wholly-owned subsidiary of Cavmont Capital. The potential transaction relates to the sale of 100% of Cavmont Capital’s interest in Cavmont Bank to Access Bank Zambia”

Nigeria’s tier 1 lender however said that the transaction is still not concluded yet and that the public will be duly notified when the merger is concluded and all necessary approvals are obtained.

There can be no certainty that a transaction will be agreed, nor as to the terms of any such agreement. The completion of a transaction would be subject to formal regulatory approvals. Access Bank will update the market as appropriate and in accordance with its/ disclosure obligations.

Accordingly, shareholders are advised to exercise caution when dealing in Access Bank’s securities until a full announcement is made.

 


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