By Chike Onwuegbuchi
Access Bank Plc has entered into exclusive discussions with Cavmont Capital Holdings Zambia Plc on a possible acquisition of Cavmont Bank Limited.
In a regulatory filing at the Nigerian Stock Exchange (NSE), Access Bank said the discussions bothered on a”potential transaction” between Access Bank Zambia and Cavmont Bank Limited, a wholly owned subsidiary of Cavmont Capital.
“The potential transaction relates to the sale of 100 per cent of Cavmont Capital’s interest in Cavmont Bank to Access Bank Zambia. There can be no certainty that a transaction will be agreed, nor as to the terms of any such agreement”, the Nigerian bank said .It did not disclose details of what offer it had made or would make to the Zambia bank.
According to Access Bank, 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,” it said.
Accordingly, shareholders are advised to exercise caution when dealing in Access Banks securities until a full announcement is made.
Source: Commsweek
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