Access Bank completes acquisition of Zambian Cavmont Bank Ltd

January 6, 2021
4 Views

https://onlinenigeria.com/wp-content/uploads/2021/01/access-bank-completes-acquisition-of-zambian-cavmont-bank-ltd-1.jpg

Access Bank Plc has announced that its Zambian subsidiary (Access Bank, Zambia) has completed the acquisition of Cavmont Bank Limited, following the fulfilment of pre-requisite conditions, including regulatory approvals.

The tier-1 bank made the disclosure through a press statement signed by the Bank’s secretary, Sunday Ekwochi and sent to the Nigerian Stock Exchange.

Recall that Access Bank had reached a definitive agreement with Cavmount Capital Holdings Zambia Plc (CCHZ) to acquire Cavmount Bank Ltd, in a bid to diversify and expand its operational base in the continent.

In a recent development, the financial giant through a press statement released today stated that the merger between the aforementioned firms is set to take place before the end of January 2021.

The deal is a highly complementary transaction that is expected to combine Access Bank Zambia’s wholesale and trade finance capabilities with Cavmont Bank’s retail and commercial banking operations.

In addition, the deal has the potential to enlarge Access Bank Zambia as a stronger and well-capitalized banking franchise with improved scale and capacity to deliver sustainable and best-in-class financial services in the Zambian market.

As part of the terms and conditions of the deal,  Access Bank Zambia will acquire the entire issued ordinary share capital, assets and liabilities of Cavmont Bank while Capricom Group Limited, the ultimate majority shareholder of CCHZ will invest at least ZMW 300 million ($16.5 million) of preference shares into Access Bank Zambia.

Capricorn will hold preference shares in the enlarged Access Bank Zambia for a period of five years, after which the preference shares will be acquired by Access Bank Plc.

The deal was originally scheduled to be completed by Q4 2020, but was later moved to the first quarter of 2021 (Q1, 2021).

Excerpts of the press release read thus: ‘’Sequel to our announcement of August 6, 2020, the Board of Access Bank Plc (‘’the Bank’) today announces that its 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.

‘’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.’’

image

You may be interested

Buhari orders deployment of more digital platforms to block leakages in tax collection
Business
2 views
Business
2 views

Buhari orders deployment of more digital platforms to block leakages in tax collection

Webby - January 22, 2021

President Muhammadu Buhari in Abuja on Thursday ordered the deployment of more digital platforms by the Federal Inland Revenue Services (FIRS)…

Boosting banditry business, Katsina Govt appoints Welfare Committee for families of attack Some state governments in the northwest seem to be rolling out policies that would rather boost banditry and contain the menace in the north. The Katsina State Government appeared to be taking to this when the government inaugurated an Executive Council Committee to take care of the welfare of orphans and widows whose parents or husbands had been killed by bandits in the 11 most affected local government areas. While the action may not be totally wrong, governments in the northwest should be seen to be taking more effective actions to combat the rage of bandits in the zone. The Deputy Governor of Katsina State, Alhaji Mannir Yakubu, who is chairman of the committee, had disclosed the appointment of the welfare intervention committee by the governor of the state, Aminu Masari. The deputy governor had emphasized that the start executive council had at its 6th regular meeting pointed out with concern the effects of the bandits violence on the socio-economic well-being of the affected communities, particularly, orphans and widows. The deputy governor said the council, therefore, constituted the committee under his chairmanship to advise the government on how to improve the lives of those affected. Other terms of reference of the committee, according to the deputy governor, include identifying orphans and widows in the affected local government areas and suggesting the kind of assistance to be provided to the victims by the government. Others include determining the source of financing for the project and co-opting any other individuals that may assist in the conduct of the committee’s assignment. The composition of the committee includes the Commissioners of Budget and Planning, Local Government and Chieftaincy Affairs, Special Duties and Women Affairs. Other members are the Special Advisers on Community Development, Higher Education, Economic Empowerment and Social Intervention, as well as that of Political Matters, among others. The committee commenced work immediately after inauguration last Tuesday.
Crime
1 views
Crime
1 views

Boosting banditry business, Katsina Govt appoints Welfare Committee for families of attack Some state governments in the northwest seem to be rolling out policies that would rather boost banditry and contain the menace in the north. The Katsina State Government appeared to be taking to this when the government inaugurated an Executive Council Committee to take care of the welfare of orphans and widows whose parents or husbands had been killed by bandits in the 11 most affected local government areas. While the action may not be totally wrong, governments in the northwest should be seen to be taking more effective actions to combat the rage of bandits in the zone. The Deputy Governor of Katsina State, Alhaji Mannir Yakubu, who is chairman of the committee, had disclosed the appointment of the welfare intervention committee by the governor of the state, Aminu Masari. The deputy governor had emphasized that the start executive council had at its 6th regular meeting pointed out with concern the effects of the bandits violence on the socio-economic well-being of the affected communities, particularly, orphans and widows. The deputy governor said the council, therefore, constituted the committee under his chairmanship to advise the government on how to improve the lives of those affected. Other terms of reference of the committee, according to the deputy governor, include identifying orphans and widows in the affected local government areas and suggesting the kind of assistance to be provided to the victims by the government. Others include determining the source of financing for the project and co-opting any other individuals that may assist in the conduct of the committee’s assignment. The composition of the committee includes the Commissioners of Budget and Planning, Local Government and Chieftaincy Affairs, Special Duties and Women Affairs. Other members are the Special Advisers on Community Development, Higher Education, Economic Empowerment and Social Intervention, as well as that of Political Matters, among others. The committee commenced work immediately after inauguration last Tuesday.

Webby - January 22, 2021

Some state governments in the northwest seem to be rolling out policies that would rather boost banditry and contain the…

Imo ceramic industry equipment found in Okorochas warehouse–Commissioner
News
2 views
News
2 views

Imo ceramic industry equipment found in Okorochas warehouse–Commissioner

Webby - January 22, 2021

Molders, ceramic and tile equipment are among the state properties the Imo government claimed on Thursday in a warehouse allegedly…

Leave a Comment

Your email address will not be published.