Access Bank Zambia Limited has announced that it has entered into exclusive discussions with Cavmont Capital Holdings Zambia Plc regarding a potential transaction between Access Bank Zambia and Cavmont Bank Limited.
The potential transaction relates to the sale of 100% of Cavmont Capital’s interest in Cavmont Bank to Access Bank Zambia.
In a statement from Lagos, Nigeria, Access Bank says 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. Access Bank will update the market as appropriate and in accordance with its’ disclosure obligations. Accordingly, shareholders are advised to exercise caution when dealing in Access Banks securities until a full announcement is made.”
Wait for HH, it is just few months left.
There won’t be any indigenous bank left. I have always argued that Zambian don’t have business acumen
Totally agree with you. The British messed us up. All we think of is working towards a nice pension.
indeed the law of synergy is clear 1 +1 = 5. Good move indeed
In Zambia we’ve so many armchair experts that can’t see anything. It’s during such transactions in the economy that you see bankers and economists. Govt has got so many instruments at its disposal that it can use to enable citizens participate in such transactions. Our leaders only look at how much commission they’ll pocket from which transaction. The construction sector is dominated by Chinese and SA companies, Mining by foreign firms, even retail trade is dominated by South African chain stores and now the banking sector has been lost to foreign banks. The only business Zambia Apamwamba can do is lodges from proceeds of corruption and the cadres from extorting money from markets and bus stations. Zambians haven’t failed what has failed is the leadership. We have shameless greedy…
Nigeria does not allow majority foreign ownership of Banks in Nigeria. The government should not sanction this transaction.
Nigerian finance environment is not reputable. Why would Cavmont want to sell to Access? All banks in Zambia keep failing and being acquired for short periods of time. Look at Atlas Mara, first thing we saw us bailiffs going in to collect for bad debts, next their off selling to another financial group.
What negative effect are these banks having on our economy and services to citizens? The absolute worst is to fall in disrepute by allowing Nigerian ill repute to tarnish us. We should stand on our own feet.
Inaccurate.
Standard Chartered Bank (100% British), Citibank (100% UK), Rand Merchant Bank (100% South Africans), Stanbic (South African majority-ownership), Ecobank (multinational), and Union Bank (majority-owned by Atlas Mara) are foreign banks fully operating in Nigeria. In addition, Barclays, JP Morgan, HSBC, UBS, ABSA, Deutsche Bank, etc. have representative offices in Nigeria.
Xenophobic much? SMH
Xenophobic much? SMH