Access Bank, Cavmont sign agreement

Capricorn Group’s Zambian subsidiary, Cavmont Capital Holdings Zambia (Cavmont Bank) signed a definitive agreement regarding a proposed merger with Access Bank Zambia, a subsidiary of Access Bank Plc.A media statement issued by Capricorn Group said, once implemented, the combined bank is expected to boosting a strong capital base in excess of 600 million Zambian kwacha, significantly exceeding the capital requirement for foreign-owned banks under the regulations of the Bank of Zambia.“Through this merger, Access Bank and Cavmont will play a role in Zambia’s economic recovery by building on Cavmont Bank’s contribution to develop small and medium enterprises and making Access Bank’s trade finance, treasury and corporate lending expertise available to Zambian multinational corporations (MNCs) and SMEs via the enhanced distribution network,” the statement said.It further stated that the merger will see Cavmont Bank’s strong retail, commercial and SME loan capacity and branch network leverage Access Bank’s best in class digital platform and product suite to create a platform for further growth in and the facilitation of financial inclusion for the unbanked in the country.Capital baseCommenting on the transaction as quoted by the statement, managing director at Access Bank Zambia, Joana Bannerman expressed delight about the agreement for the merger, saying it will see the combined banks becoming a top 10 bank in Zambia.“It will increase our scale and improve our operating leverage by enabling us to deliver our existing retail and whole sale offering to a wider base of customers in Zambia while positioning the bank for growth in the long-term trajectory for the country,” she added.Cavmont Bank’s managing director, Peet van der Walt shared similar sentiments, noting that the merger will accelerate his bank’s strategy and position them as top 10 bank in the country.Ge added that as a subsidiary of one of the largest banking groups in Africa, Access Bank has the scale, capabilities and ambition to enable the combined bank to pursue exciting strategic opportunities in Zambia. The transaction is expected to be completed during the fourth quarter of 2020. - Nampa

Access Bank, Cavmont sign agreement

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Namibian Sun 2025-06-27

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Access Bank, Cavmont sign agreement

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Namibian Sun 2025-06-27

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