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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/

GetFundedAfrica is a technology-based, business information platform operated by Afriscaper Research & Consulting Limited with a mission to reduce barriers to funding for African businesses. GFA matches investor ready, African & African-Diaspora owned companies with global investors, leveraging market research, industry data and news aggregation

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Nichole Manhire

Is the productive executive for the media department at GetFundedAfrica

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