Access Bank moves to acquire Zambian bank

Access Bank Plc has notified shareholders of moves by its Zambian subsidiary to acquire Cavmont Bank Limited, a subsidiary of Capmont Capital.

In a notice published on the Nigeria Stock Exchange website, Access Bank said there is no certainty that a transaction would be agreed on yet.

“There can be no certainty that a transaction will be agreed, nor 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, read.

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

“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 made it the largest bank by customer base in Nigeria.

Access Bank, on April 1, 2019, had acquired Diamond Bank Plc.

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.

Access Bank currently has six subsidiaries across Africa, namely DR Congo; Gambia; Ghana; Rwanda; Sierra Leone; and Zambia, including the UK.