Access Bank to Acquire 100% Stake in Zambian Bank

In quest to dominate financial institution in Africa, Access Bank Plc, a leading retail bank, has in the statement to a regulatory filing to the Nigerian Stock Exchange (NSE) which was signed by Mr Sunday Ekwuochi, the Company Secretary of the bank saying 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 per cent 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 in 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.

July 15, 2020