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    Israel and Iran agree on ceasefire – Trump

    Israel and Iran agree on ceasefire – Trump

    Breaking: Iran launches missiles at US bases in the Middle East

    Breaking: Iran launches missiles at US bases in the Middle East

    US military strikes Iran

    US military strikes Iran

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    Yahoo boys launder money for ‘politically exposed persons’ – EFCC boss

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    Gombe receives N60 billion from FG to establish Agro-Livestock Industrial Zone

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    Trump congratulates Nigeria for Banning Twitter, says more countries should do same

    Trump bans citizens of 12 countries from entering the U.S, full list

    France launches mandatory online visa appointments for travelers

    France launches mandatory online visa appointments for travelers

    Federal Government declares June 6 and 9 public holidays

    Federal Government declares June 6 and 9 public holidays

    • Nigeria
    • Africa
    • World
  • Economy
    • All
    • Budgets
    • Economic Data
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    UK tightens visa rules for care workers, skilled workers and students

    UK tightens visa rules for care workers, skilled workers and students

    United States scraps visa dropbox service for Nigerian applicants

    President Donald Trump cancels protection for 500,000 Haitian migrants

    Spain golden visa scheme ends as Portugal and Greece demand increases

    Spain golden visa scheme ends as Portugal and Greece demand increases

    CBN fines nine banks 150 million Naira each for failing to dispense cash

    CBN ends free ATM withdrawals for other banks’customers

    FG increases private university application fee from N5m to N25m

    FG increases private university application fee from N5m to N25m

    United States scraps visa dropbox service for Nigerian applicants

    United States scraps visa dropbox service for Nigerian applicants

    Buhari says Nigeria security and economy improved during his tenure

    Buhari says Nigeria security and economy improved during his tenure

    Air Sierra Leone commences flight operations to Lagos

    Air Sierra Leone commences flight operations to Lagos

    Nigeria renews $2 billion currency swap deal with China to boost bilateral trade

    Nigeria renews $2 billion currency swap deal with China to boost bilateral trade

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    MTN Nigeria to pay over N200 billion final dividend for 2022

    List of Dividends announced in 2025, qualification and payment dates

    Sovereign Trust Insurance Plc grows Profit after tax by 43%  in Q1 2021

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    List of Dividends announced in 2024, qualification and payment dates

    Cornerstone Insurance Plc to pay 27 kobo final dividend for 2024 FY

    Legend Internet Plc reports N32.9 million profit for Q1 2025

    Legend Internet Plc reports N32.9 million profit for Q1 2025

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    Banking stocks plunge after CBN suspends banks under regulatory forbearance from paying dividends

    ELECTION: Cutix Plc reschedules Board Meeting

    Weekly Report: Nigerian Exchange sees mixed performance as Cutix Plc emerge top gainer

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    DMO offers N300 billion FGN bond for auction in May

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    BITCOIN hits $103,000 for the first time

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    How Donald Trump won the 2024 U.S Presidential Election

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    Security features of the new naira notes revealed by the CBN

    New hope for Naira fixed income savers?

    The Nigerian Stock Market: Has Tinubu’s Election impacted the Market Negatively?

    Nigerian Exchange gains 5.37% in Tinubu’s first week, highest for any President since return to Democracy

    The Nigerian Stock Market: Has Tinubu’s Election impacted the Market Negatively?

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Access Bank (Zambia) Limited completes acquisition of Cavmont Bank Limited

Wednesday, 6 January 2021, 8:53 pm
in Business, Companies
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Access Bank Refunds Customers Stamp Duty Charge
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Access Bank (Zambia) Limited has completed the acquisition of Cavmont Bank Limited, according to a corporate release by the parent company, Access Bank Plc.

According to the notification on the Nigerian Stock Exchange seen by Investogist, Access Bank (Zambia) Limited has completed the acquisition of Cavmont Bank Limited, following fulfillment of the key conditions precedent including regulatory approvals.

Access Bank had on Wednesday 8, July, announced that its wholly owned subsidiary in Zambia, Access Bank Zambia Limited was in advanced discussions with Cavmont Capital Holdings Zambia Plc regarding a potential transaction between Access Bank Zambia and Cavmont Bank Limited, a wholly owned subsidiary of Cavmont Capital.

  • Read also; Ardova Plc – The 56 years journey and a change of registered address
  • Peace Mass Transit Limited acquires 55.82% of C&I Leasing Plc shares via convertible loan stock

On Thursday 6th August, 2020, the Board of Access Bank Plc announced that ABZ has entered into a definitive agreement with Cavmont Capital Holdings Zambia (CCHZ) Plc, regarding the proposed acquisition and subsequent merger of the operation of Cavmont Bank into Access bank Zambia.

Under the proposed agreement which was at the time subject to the approval of the “relevant shareholders”, Access Bank Zambia will acquire the “entire issued ordinary share capital, assets and liabilities of Cavmont Bank.”

According to the agreement,  Capricorn Group Limited, the ultimate majority shareholder of CCHZ, will invest at least $16.5 million of preference shares into ABZ. The preference shares will be held by Capricorn for five year period, after which it will be acquired by Access Bank Plc.

Having completed the acquisition, the merger of Cavmont into Access Bank Zambia is expected to take place before the end of January 2021, following which Access Bank Zambia will emerge 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.

ACCESS stated that growing its 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 realizing the synergies from the transaction and achieving further growth of the combined platform to the benefit of all stakeholders.

By; Nnamdi M.

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