Access Bank (Zambia) Limited (ABZ), subsidiary of Access Bank Plc, has entered into a definitive agreement with Cavmont Capital Holdings Zambia Plc (CCHZ) regarding a proposed acquisition of Cavmont Bank Limited (Cavmont Bank), a subsidiary of CCHZ and subsequent merger of Cavmont Banks operations into ABZ
The proposed transaction, which remains subject to relevant shareholder and regulatory approvals, is set to position the enlarged ABZ as one of the top 10 banks in Zambia and create the momentum to advance its strategic objectives.
The transaction is expected to be completed in the Q4 2020.
Herbert Wigwe, group managing director of Access Banl Plc, said that the merger and acquisition will strengthen Access Bank Plc’s presence in Zambia while furthering the footprints for growth in the Common Market for Eastern and Southern Africa (COMESA) region.
“Over the years , we have worked hard to build a sustainable international bank of African origin that can expand the potential of business, support economic prosperity, facilitate trade and investment and extend the power of banking to millions of people who does not yet have the financial tools to achieve their dreams. This proposed transaction aligns with the strategy."
Thinus Prinsloo, managing director of Capricorn Group, stated that the transaction is an excellent strategic fit with Cavmont Bank presence in Zambia and will strengthen the capital base from which to achieve long term sustainable growth.
