Connect with us

News

After Intercontinental and Diamond Bank, Access Bank Set To Acquire Another Bank .

Published

on

Nigerian lender, Access Bank Plc, is planning to acquire another financial institution as part of its aggressive expansion drive.

The company, which intends to be one of the biggest banks in Africa, is already in an advanced stage with the bank it wants to merge with.

A statement issued by the company said its subsidiary in Zambia, Access Bank Zambia Limited, wants to merge with Cavmont Bank Limited.

According to findings, Cavmont Bank, located in Lusaka, the capital of Zambia, provides an array of banking services including in the areas of community banking, retail banking, investment, and corporate banking.

The bank, which was established in 2004, is believed to be worth over $100 million with Cavmont Capital Holdings Zambia Plc, a firm listed on the Lusaka Stock Exchange (LUSE), having 100 percent stake in the company.

In the notice to the Nigerian Stock Exchange (NSE) on Wednesday, Access Bank said it plans to take over the 100 percent interest of Cavmont Capital in Cavmont Bank.

“Access Bank announces today that its wholly-owned subsidiary in Zambia, Access Bank 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 percent 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. The completion of a transaction would be subject to formal regulatory approvals,” the statement said.

“Access Bank will update the market as appropriate and in accordance with its disclosure obligations,” the notice, signed by the company secretary, Sunday Ekwochi, assured.

“Accordingly, shareholders are advised to exercise caution when dealing in Access Bank’s securities until a full announcement is made,” the lender advised.

In 2019, Access Bank completed its merger with the defunct Diamond Bank Plc. The deal was to make Access Bank, one of the big players in the corporate banking world, a formidable voice in the retail banking business.

Before the deal with the former Diamond Bank, Access Bank had acquired Intercontinental Bank, one of the biggest banks in Nigeria some years ago.

Keep Fit International Club President, Chris Adiorah And Members Unviels Their Lounge At National Stadium
News1 day ago

Keep Fit International Club President, Chris Adiorah And Members Unviels Their Lounge At National Stadium

Tony Ejiogu to REBUILD Imo State- See Full Video
Press Release4 days ago

Tony Ejiogu to REBUILD Imo State- See Full Video

Wema Bank HACKAHOLICS DIGITAL SUMMIT 2023
News4 days ago

HACKAHOLICS DIGITAL SUMMIT 2023: WEMA BANK LAUNCHES AFRICA’S LARGEST GATHERING OF INNOVATORS, DISRUPTORS, REGULATORS, POLICYMAKERS, INVESTORS & CUSTOMERS IN THE DIGITAL SPACE

Africa’s Finest: 6th Edition of The GTCO Fashion Weekend Holds in November Lagos.
Business5 days ago

Africa’s Finest: 6th Edition of The GTCO Fashion Weekend Holds in November Lagos.

Africa’s Finest: 6th Edition of The GTCO Fashion Weekend Holds in November Lagos.
Business5 days ago

Africa’s Finest: 6th Edition of The GTCO Fashion Weekend Holds in November Lagos.

Nigeria Labour Congress and Federal Government meeting ends in deadlock.
News6 days ago

Nigeria Labour Congress and Federal Government meeting ends in deadlock.

APGA Remains the Only Credible Alternative for Imo People - Ejiogu
Press Release6 days ago

APGA Remains the Only Credible Alternative for Imo People – Ejiogu

Ecobank Introduces "EPAC Studios" To Promote Africa's Creative Industry
Business6 days ago

Ecobank Introduces “EPAC Studios” To Promote Africa’s Creative Industry

United Bank for Africa, Banking Beyond Borders
Business7 days ago

United Bank for Africa, Banking Beyond Borders

Polaris Bank Partners EAS, Funds Training of over 1000 Nigerian SMEs on Export to US, Europe
Business1 week ago

Polaris Bank Partners EAS, Funds Training of over 1000 Nigerian SMEs on Export to US, Europe

Polaris Bank Partners EAS, Funds Training of over 1000 Nigerian SMEs on Export to US, Europe
Business1 week ago

Polaris Bank rewards 50 Lucky Winners in its ongoing ‘Save & Win’ promo

Favour Benson, SOLIN MEDIA Team Celebrates Bldr. (Dr.) Abdulhakeem Odegade As He Marks His Birthday…
Press Release2 weeks ago

Favour Benson, SOLIN MEDIA Team Celebrates Bldr. (Dr.) Abdulhakeem Odegade As He Marks His Birthday…

CBN FX policy costs Unity Bank N39.35bn profit loss in HI 2023.
Business2 weeks ago

CBN FX policy costs Unity Bank N39.35bn profit loss in HI 2023.

ZENITH BANK DEFIES ODDS WITH AN ASTOUNDING TRIPLE-DIGIT SURGE IN TOPLINE AND BOTTOMLINE H1 2023 RESULT
Business2 weeks ago

ZENITH BANK DEFIES ODDS WITH AN ASTOUNDING TRIPLE-DIGIT SURGE IN TOPLINE AND BOTTOMLINE H1 2023 RESULT

INEC's Troubling State: Chidoka's Blunt Critique
Breaking News2 weeks ago

INEC’s Troubling State: Chidoka’s Blunt Critique

Copyright © FastNews Nigeria