Access Bank Completes Acquisition of Cavmont Bank in Zambia

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Goddy Egene

The Board of Access Bank Plc yesterday said its Zambian subsidiary, Access Bank (Zambia) Limited has completed the acquisition of Cavmont Bank Limited, following fulfilment of the key conditions precedent including regulatory approvals.

The merger of Cavmont into Access Bank Zambia will take place before the end of January and Access Bank Zambia will emerge as stronger, well-capitalised banking franchise with improved scale and capacity to deliver best-in-class financial services in the Zambian market.

“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 and achieving further growth of the combined platform to the benefit of all stakeholders,” the bank said.