Access Bank completes takeover of Zambia’s Cavmont Bank

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Access Bank Plc said it had acquired Zambia-based Cavmont Bank Limited through Access Bank Zambia Limited.

The takeover, a product of the lender’s satisfaction of major preconditions and regulatory approvals, has opened the door for “the merger of Cavmont into Access Bank Zambia,” to take place before January end, Access Bank said in a note to the Nigerian Stock Exchange on Wednesday.

It is also hoped to make Nigeria’s biggest bank by asset to be a more robust lender, with a well-capitalised banking franchise that has “improved scale and capacity to deliver sustainable and best-in-class financial services in the Zambian market.”

The bank said in September it planned to strengthen its presence in Mozambique and venture into the South African market as part of its expansion line up.

“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 stakeholders,” the board said in the document, signed by Company Secretary Sunday Ekwochi.

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