Access Bank completes acquisition of Zambian bank

The Zambian subsidiary of Nigeria’s Access Bank has agreed to buy Cavmont Capital Holdings, the Zambian arm of Namibian financial services group Capricorn, for a nominal fee of 1 kwacha ($0.0014), Capricorn said.

The Namibian entity owns 98.03 percent of Cavmont Capital Holdings, which owns 100percent of loss-making Cavmont Bank.

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Under the terms of the deal, Access Bank Zambia will acquire the entire issued ordinary share capital, assets and liabilities of Cavmont Bank.

In a regulatory filing at the Nigerian Stock Exchange (NSE), last month, Access Bank stated that it has entered discussions to acquire 100 per cent equity stake in Cavmont Bank Limited from Cavmont Capital Holdings Zambia Plc, the sole owner of Cavmont Bank.