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Access Bank To Acquire 100% Stake In Zambian Bank

Access Bank Plc has announced plans for the acquisition of 100 per cent of Cavmont Bank Limited, a Zambia-based financial institution.

The bank disclosed this in a regulatory filing to the Nigerian Stock Exchange (NSE) signed by Mr Sunday Ekwuochi, its Company Secretary.

It said the acquisition plan would be consummated through its Zambian subsidiary, Access Bank Zambia Limited.

Access Bank Plc has announced plans for the acquisition of 100 per cent of Cavmont Bank Limited, a Zambia-based financial institution.

The bank disclosed this in a regulatory filing to the Nigerian Stock Exchange (NSE) signed by Mr Sunday Ekwuochi, its Company Secretary.

It said the acquisition plan would be consummated through its Zambian subsidiary, Access Bank Zambia Limited.

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.

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