Following a disclosure sent to the Nigerian stock exchange, access bank indicated that it is now in discussions with Cavmont Capital Holdings Zambia. This disclosure was duly singed and stamped by the Bank’s secretary Mr. Sunday Ekwochi.
Access Bank PLC announced that its wholly owned subsidiary in Zambia, Access Bank Zambia Limited has entered into exclusive discussions with Cavmont Capital Holdings Zambia PLC regarding a potential transaction between Access Bank Zambia and Cavmont Bank Limited, a wholly owned subsidiary of Cavmont Capital. The potential transaction relates to the sale of 100% of Cavmont Capital's interest in Cavmont Bank to Access Bank Zambia.
The Bank however notified that “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. Access Bank will update the market as appropriate and in accordance with its/ disclosure obligations.” The disclosure further read that “… shareholders are advised to exercise caution when dealing in Access Bank's securities until a full announcement is made”.
It is important to note that Access Bank in 2019 acquired Diamond Bank Plc thus making it the largest retail bank in Nigeria and one of the largest retails Banks in Africa. The bank had also recently acquired a majority stake in Kenya-based Transnational Bank (TNB).
"The idea was never to create a Bank that is Nigerian. It would be Nigerian in ownership but global in nature,following best practices". Herbert Igwe - CEO/MD Access Bank Plc
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