Access Bank moves to acquire Zambian bank
Access Bank Plc has notified shareholders of plans by its Zambian subsidiary to acquire Cavmont Bank Limited, a subsidiary of Capmont Capital.
Access Bank, in a notice published on the Nigeria Stock Exchange website said there is no certainty that a transaction would be agreed on yet.
“There can be no certainty that a transaction will be agreed as to the terms of any such agreement. The completion of a transaction would be subject to formal regulatory approvals,” the notice signed by Sunday Ekwochi, Access Bank company secretary, reads.
“Access Bank will update the market as appropriate and in accordance with its disclosure obligation. Accordingly, shareholders are advised to exercise caution when dealing in Access Bank’s securities until a full announcement is made.”
On April 1, 2019, Access Bank acquired Diamond Bank Plc; a move that has made it the largest bank by customer base in Nigeria.
On January 17, 2020, the bank also announced that it had received approval from the Central Bank of Nigeria and other relevant authorities to acquire majority equity share in Transnational Bank Plc, a Kenyan-based bank.
The bank currently operates through a network of about 360 branches across major cities and commercial centres in Nigeria, Gambia, Sierra Leone, Zambia, Rwanda and Democratic Republic of Congo. It also has a subsidiary in the U.K. The Bank employs 28,000 people in its operations in Nigeria, Sub-Saharan Africa and the United Kingdom, with representative offices in China, Lebanon, India and the U.A.E.
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