The Board of Access Bank has announced that its Zambian subsidiary, Access Bank (Zambian) Limited has completed the acquisition of Cavmont Bank Limited, following the fulfilment of key conditions precedent including regulatory approvals.
According to a statement by the bank:
“The merger of Cavmont into Access Bank Zambian is expected to take place before the end of January, 2021, following which Access Bank Zambia will emerge as a stronger and well capitalized banking franchise with improved scale and capacity to deliver sustainable and best-in-class financial services in the Zambian market.
“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 realizing the synergies from the transactions and achieving further growth of the combined platform to the benefit of all stakeholders”.