Nigerian lender Access Bank Plc has announced that it will purchase a hundred per cent stake in Lusaka-based Cavmont Bank in an effort to broaden its market share in Southern Africa and consolidate the business of its Zambian subsidiary, Access Bank Zambia.
The bank’s thirst for expansion has increased since it finalized a merger with Diamond Bank last April, which it followed with two other expansions in January, one involving the takeover of Kenya’s Transnational Bank and the other entailing the establishment of a new subsidiary in neighbouring Cameroun.
Cavmont Bank, the new acquisition target, is a wholly owned subsidiary of Cavmont Capital Holding Zambia Plc.
“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.
“Accordingly, shareholders are advised to exercise caution when dealing in Access Bank’s securities until a full announcement is announced,” Access Bank told the Nigerian Stock Exchange.