Access Bank Zambia completes acquisition of Cavmont Bank
By Itohan Abara-Laserian
The board of Access Bank Plc on Wednesday announced complete acquisition of Cavmont Bank Ltd by its Zambian subsidiary, Access Bank (Zambia) Ltd.
Mr Sunday Ekwochi, the bank's Company Secretary, disclosed this in a statement made available to the News Agency of Nigeria (NAN) in Lagos.
Ekwochi said the acquisition was completed after the bank fulfilled the key conditions, including regulatory approvals.
“The merger of Cavmont into Access Bank Zambia is expected to take place before the end of January.
“Following which Access Bank Zambia will emerge as a stronger well-capitalised banking franchise with improved scale and capacity to deliver sustainable and best-in-class financial services in the Zambian market,” he said.
According to him, the bank looks forward to realising the synergies from the transaction and achieving further growth of the combined platform to the benefit of all stakeholders.
“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,” he added. (NAN)