Access Bank has notified the Nigerian Stock Exchange that it has commenced plan towards full acquisition of Cavmont Bank Limited, a Zambia-based financial institution.
Access Bank is seeking to consummate the acquisition through its Zambian subsidiary, Access Bank Zambia Limited.
In a statement signed by the Company Secretary, Sunday Ekwochi, Access Bank stated that it has entered discussions to acquire 100 per cent equity stake in Cavmont Bank Limited from Cavmont Capital Holdings Zambia Plc, the sole owner of Cavmont Bank.
While the discussions on the merger have reached advanced stage, Access Bank stated that there is no certainty yet on agreement or terms of the transaction, urging investors to exercise caution when dealing on its shares. According to the bank, the completion of the transaction is subject to formal regulatory approvals.
“Access Bank will update the market as appropriate and in accordance with its disclosure obligations”