Access Bank set for acquisition of Zambian Cavmont Bank

Access Bank Plc has commenced discussion towards full acquisition of Zambia-based financial institution, Cavmont Bank Limited through its Zambian subsidiary, Access Bank Zambia Limited.
Access Bank in a regulatory filing at the Nigerian Stock Exchange (NSE), stated that it has started entered discussions to acquire 100 per cent equity stake in Cavmont Bank Limited from Cavmont Capital Holdings Zambia Plc, the sole owner of the bank.
While the discussions on the merger have reached advanced stage, Access Bank stated that there was 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.
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.