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Access Bank acquires Zambia’s Cavmont Bank

Leading Nigerian’s financial institution by network and deep pocket, the Access Bank Plc has further boosted its international operations especially in Zambia with the completion of acquisition of Cavmont Bank Limited.

The Board of Access Bank earlier in the week affirmed that Access Bank’s Zambian subsidiary, Access Bank (Zambia) Limited has completed the acquisition of Cavmont Bank Limited (Cavmont), following fulfilment of the key conditions precedent, including regulatory approvals. In a regulatory filing signed by Company Secretary, Access Bank Plc, Sunday Ekwochi, the bank stated that the merger of Cavmont into Access Bank Zambia is expected to take place before the end of this month. The bank noted that with the merger, Access Bank Zambia will emerge as a stronger and well-capitalised 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 realising the synergies from the transaction and achieving further growth of the combined platform to the benefit of all stakeholders,” Access Bank stated.