Access Bank to acquire 100% stake in Zambian Bank

Access Bank Plc has entered into exclusive discussions with Cavmont Capital Holdings Zambia Plc on the acquisition of Cavmont Bank Limited by the Nigerian Tier-1 lender.

In a regulatory filing at the Nigerian Stock Exchange (NSE), Access Bank said the discussions bothered on a potential transaction between Access Bank Zambia and Cavmont Bank Limited (“Cavmont Bank”), a wholly-owned subsidiary of Cavmont Capital.

It said that it could acquire 100 per cent equity stake in Cavmont Bank Limited from Cavmont Capital Holdings Zambia Plc, the sole owner of Cavmont Bank.

“The potential transaction relates to the sale of 100% of Cavmont Capital’s interest in Cavmont Bank to Access Bank Zambia. There can be no certainty that a transaction will be agreed, nor as to the terms of any such agreement”.

According to Access Bank, the completion of a transaction would be subject to formal regulatory approvals.

“Access Bank will update the market as appropriate and in accordance with its’ disclosure obligations,” it said.