NIGERIA- Access Bank’s market share in Zambia is poised to increase if the advanced talks between the Bank’s Zambian subsidiary and Caymont Capital Holdings yield the expected outcome.
The progress report on the possible acquisition of Caymont Capital by Access Bank Zambia, a wholly owned subsidiary of the Nigerian based multinational, Access Bank Plc was made public by the Nigerian Stock Exchange (NSE) in a corporate disclosure.
The corporate disclosure to the Nigerian Stock Exchange (NSE) was duly signed by the Access Bank’s Company Secretary, Mr. Sunday Ekwochi.
The disclosure noted that the “potential transaction relates to the sale of 100% of Cavmont Capital interest in Cavmont Bank to Access Bank Zambia.”
The bank has, however, noted that there are no guarantees as to whether the transaction pans out or not.
“There can be no certainty that a transaction will be agreed, nor as to the terms of any such agreement,” the Bank’s statement read, adding that “the completion of a transaction would be subject to formal regulatory approvals.
Access Bank in its corporate disclosure also advised shareholders accordingly, to exercise caution when dealing in the Bank’s securities until a full announcement is made.
Access Bank Plc. recorded a profit after tax of N40.9 billion (US$105.56 million) in the first quarter period ended March 31st, 2020.
This was bolstered by an increase in Net interest income which stood at N72.2 billion, indicating a 27% increase compared to N56.8 billion that was recorded in Q1 2019.
Access Bank from the first quarter of 2020, started an ambitious mission of expanding its footprint across Africa.
After its merger with Diamond Bank, it acquired 100% of Kenya’s Transnational Bank Plc and its 28 branches.
Three months later, Access Bank notified the Nigerian Stock Exchange of its intention to establish a subsidiary in Cameroon.
Liked this article? Subscribe to DealStreet Africa News, our regular email newsletter with the latest news, deals and insights from Africa’s business, economy and more. SUBSCRIBE HERE