Nigeria’s Access Bank seals deal to acquire Zambian Cavmont bank

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WINDHOEK – 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.

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The Namibian entity owns 98.03% of Cavmont Capital Holdings, which owns 100% of loss-making Cavmont Bank. Under the terms of the deal, Access Bank Zambia will acquire the entire issued ordinary share capital, assets and liabilities of Cavmont Bank.

Capricorn said on Thursday it has agreed to reinvest 300 million kwacha into the new entity as part of the agreement.

Cavmont Bank recorded a loss after tax of 19.8 million Namibian dollars ($1.14 million) in 2019, an improvement on a 46.6 million Namibian dollar loss the previous financial year.

“This merger, which will see the combined bank becoming a top 10 bank in Zambia, will increase our scale and improve our operating leverage by enabling us to deliver our existing retail and wholesale offerings to a wider base of customers,” Access Bank Zambia Managing Director Joana Bannerman said.

The transaction is expected to be completed during October 2020, subject to regulatory approvals from relevant authorities.

Godwin Okafor
Godwin Okaforhttps://naija247news.com
Godwin Okafor is a veteran Financial Journalist, Internet Social Entrepreneur, and the visionary Founder of Naija247news Media Limited. With an extensive career spanning over 16 years in financial journalism, Godwin possesses a wealth of experience that seamlessly bridges both traditional and digital media landscapes. His journey in journalism commenced at Business Day, Nigeria, where he laid the foundation for his prolific career. In 2010, Godwin took a bold step by founding Naija247news Media, a platform that has since become a prominent player in delivering timely and accurate news. Educationally, Godwin Okafor holds a Bachelor's degree in Industrial Relations and Personnel Management from the prestigious Lagos State University, Ojo, Lagos. His commitment to continuous learning led him to the Lagos Business School, where he further honed his skills. Additionally, he is recognized as a Fellow of the University of Pennsylvania, having successfully completed the Wharton Seminar for Business Journalists. Throughout his illustrious career, Godwin has earned acclaim by winning numerous journalism awards, a testament to his dedication to excellence in reporting. Beyond his role as a Financial Journalist, Godwin Okafor wears the hat of the Chairman at Emmerich Resources Limited, the publishing entity behind Naija247news. His visionary leadership has played a pivotal role in shaping the media landscape and establishing Naija247news as a trusted source of information. Godwin Okafor's multifaceted expertise, commitment to journalistic integrity, and leadership in the realm of business journalism underscore his influential presence in both the media and entrepreneurial spheres.

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