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Access Bank Plc has engrossed a few banks in Africa including Diamond Bank Plc and the Transnational Bank of Kenya within the last 15 months. The bank is now in an exclusive discussion regarding the acquisition of yet another financial institution in Africa.
Access Bank through its Zambian subsidiary, Access Bank Zambia Limited is seeking a possible acquisition of Cavmont Bank Zambia.
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An official bill which Mr Sunday Ekwochi, Access Bank Secretary, signed shows that the bank is discussing a 100 per cent acquisition of Cavmont’s equity stake. On the other end of the discussion is Cavmont Capital Holdings Zambia Plc, the owner of Cavmont Bank.
The bill reads: “Access Bank Plc announces today that its wholly-owned subsidiary in Zambia, Access Bank Zambia Limited has entered into exclusive discussions with Cavmont Holdings Zambia Plc regarding a potential transaction between Access bank Zambia and Cavmont Bank Limited 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.”
No agreement or terms have been reached. However, the discussion has so far advanced according to Access Bank statement. They further advised investors to move on the shares with caution.
Access Bank is also looking to start a branch in Cameroon.
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