Access Bank Plc has announced that its Zambian subsidiary (Access Bank, Zambia) has completed the acquisition of Cavmont Bank Limited (Cavmont), following its fulfilment of the key conditions precedent, including regulatory approvals.
This was contained in a statement signed by Access Bank’s secretary, Sunday Ekwochi.
The bank noted that the merger of Cavmont into Access Bank Zambia is expected to take place before the end of this month.
With the merger, Access Bank Zambia will emerge as a stronger and well-capitalised banking franchise with improved scale and capacity to deliver sustainable and best-in-class financial services in the Zambian market, according to the bank.
“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,” Access Bank stated.
