Access Bank moves to acquire Zambian bank
The management of Access Bank Plc has announced plans by its Zambian subsidiary to acquire another bank in the country. The bank told shareholders that it plans to acquire Cavmont Bank Limited, a subsidiary of Capmont Capital.
A disclosure notice sent to the Nigeria Stock Exchange, however, urged stakeholders to exercise caution as no transaction has been agreed on yet.
The bank said it has “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.
“The potential transaction relates to the sale of 100 per cent of Cavmont Capital’s interest in Cavmont Bank to Access Bank Zambia,” the notice signed by Sunday Ekwochi, Access Bank company secretary, read.
“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.”
In 2019, Access Bank acquired Diamond Bank Plc in a move that made it the largest bank by customer base in Nigeria.
Earlier in the year, 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.
In its latest disclosure details, Access Bank said it will update the market as appropriate and in accordance with the disclosure obligations.
“Accordingly, shareholders are advised to exercise caution when dealing in Access Bank’s securities until a full announcement is made,” the bank said.