The management of Access Bank Plc says its Zambian subsidiary has completed the acquisition of Cavmont Bank Limited.
The bank said the acquisition followed the fulfillment of key conditions, including regulatory approvals.
Access bank made this known in a disclosure notice sent to the Nigerian Stock Exchange recently.
In July, Access Bank in Nigeria announced plans by its Zambian subsidiary to acquire Cavmont Bank Limited, a subsidiary of Cavmont Capital.
The bank said at the time that it had “entered into exclusive discussions” with Cavmont Capital Holdings Zambia Plc regarding the potential transaction between Access Bank Zambia and Cavmont Bank Limited, a wholly-owned subsidiary of Cavmont Capital.
“The merger of Cavmont into Access Bank Zambia will emerge as a stronger and well-capitalised banking franchise with improved scale and capacity to deliver sustainable and best-in-class financial services in the Zambian market,” the notice read.
“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.”
I have 3 accounts with access bank. It will be interesting to see if this has an impact on the standards of service. Interestingly over the years I have experienced terrible service from my foreign European accounts than African ones.
My concern is for the employees, these Nigerians at Access Bank are ruthless with how they treat Zambian employees. I hope the labour office took time to pay them a visit after numerous complaints from employees at Access Bank last year. If not then can the Labour office make follow ups on issues raised otherwise more Zambians will be under the same ordeal with this take over. God help our people!!!
Are we safe!
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