According to reports reaching OYOGist.com, Access Bank Plc is allegedly planning to buy a hundred per cent stake in Lusaka-based Cavmont Bank, in a bid to widen its marketing in Southern Africa and broaden the business of its Zambian subsidiary, Access Bank Zambia, said by the lender on Wednesday
Access Bank has been clamouring for expansion ever since it’s amalgamation with former Diamond Bank back in last year April, which he has since then followed it with two other expansions in January, one was a total takeover of Kenya’s Transnational Bank, the other was the completion of a new subsidiary in neighbouring country, Cameroun.
This means it has achieved total of four expansion in barely five months, including this new one. Cavmont Bank, which is the newly acquisition target, is a subsidiary of Cavmont Capital Holding Zambia Plc.
“The completion of a transaction would be subject to its been formally approved by the regulatory body. Access Bank will update the populace at an appropriate and deem fit time in accordance with its disclosure obligations.”
“Accordingly, shareholders are advised to exercise diligent caution when dealing in Access Bank’s securities until a full announcement is disclosed,” the lender told the Nigerian Stock Exchange.