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ACCESS BANK TO ACQUIRE 100% OF ZAMBIA’S CAVMONT CAPITAL

Access Bank

Access Bank, one of the foremost Nigerian banks in Africa, has announced its intention to acquire 100% of Cavmont Capital, through its subsidiary, Access Bank Zambia.

This announcement was disclosed by Nigerian Stock Exchange (NSE) last week in a corporate disclosure which was duly signed by the Company Secretary, Mr. Sunday Ekwochi.

The disclosure read, “Access Bank Plc (“Access Bank”) announces today that its wholly-owned subsidiary in Zambia, Access Bank Zambia Limited (“Access Bank Zambia”) has entered into exclusive discussions with Cavmont Holdings Zambia Plc (“Cavmont Capital”) regarding a potential transaction between Access bank Zambia and Cacmont Bank Limited (“Cavmont Bank”), a wholly-owned subsidiary of Cavmont Capital. The potential transaction relates to the sale of 100% of Cavmont Capital interest in Cavmont Bank to Access Bank Zambia.” 

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“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.”

Back in 2019, the bank acquired/merged with Diamond bank to be one of the biggest banks in Nigeria. In the same year, Access bank acquired Transnational Bank, one of Kenya’s tier-4 banks.

Gross Earnings rose 31%y/y to ₦209.8bn in Q1 2020, (Q1 2019: ₦160.1bn), with interest and non-interest income contributing 63% and 37% respectively.

Profit before Tax (PBT) for the period was ₦46.3bn (+3%y/y; Q1 2019: ₦45.1bn), while Profit after Tax (PAT) decreased marginally by 1%y/y to ₦40.9bn from ₦41.1bn in Q1 2019, as a result of a 36%y/y rise in effective tax within the period.

Source: https://innovation-village.com/access-bank-to-acquire-100-of-zambias-cavmont-capital/

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Nichole Manhire

Is the media and brand manager at GFA News. She works very closely with editors and podcasters that contribute to telling the African business success story. For marketing and advertising send Nichole an email: nichole@getfundedafrica.com

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