Access Bank to acquire 100% stake in Zambian Bank.
Access Bank Plc has announced plans to acquire 100% of Cavmont Bank Limited, a Zambia-based financial institution.
The bank disclosed this in a regulatory filing to the Nigerian Stock Exchange signed by Sunday Ekwuochi, its Company Secretary.
As part of efforts to deepen footprint in Africa, the largest Nigerian lender is buying off total stake in Cavmont Limited.
Thus, the lender said the acquisition plan would be consummated through its Zambian subsidiary, Access Bank Zambia Limited.
So, Access said it has entered into exclusive discussions with Cavmont Capital Holdings Zambia Plc.
The discussion is regarding a potential transactions between its subsidiary in Zambia and Cavmont Bank Limited.
“The potential transaction relates to the sale of 100% of Cavmont Capital interest in Cavmont limited to Access Bank Zambia,” it stated.
More so, the group explained that there was no certainty yet on agreement or terms of the transaction.
However, it urged investors to exercise caution when dealing in Access Bank’s securities until full announcement was made.
Meanwhile, management noted that the completion of a transaction would be subject to formal regulatory approvals.
The acquisition would be the second across Africa having acquired Transnational Bank Limited of Kenya.
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Access Bank to acquire 100% stake in Zambian Bank.
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source https://dmarketforces.com/access-bank-to-acquire-100-stake-in-zambian-bank/