Investing.com - Financial Markets Worldwide
Get 40% Off
Get 40% Off
🚨 Volatile Markets? Find Hidden Gems for Serious OutperformanceFind Stocks Now

Nigeria's Access Bank buys loss-making Zambian Cavmont

Published 06/08/2020, 15:10
Updated 06/08/2020, 15:12

WINDHOEK, Aug 6 (Reuters) - The Zambian subsidiary of
Nigeria's Access Bank ACCESS.LG has agreed to buy Cavmont
Capital Holdings CCHZ.LZ , the Zambian arm of Namibian
financial services group Capricorn, for a nominal fee of 1
kwacha ($0.0014), Capricorn said.
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.
($1 = 735.0300 kwacha)
($1 = 17.4410 Namibian dollars)

Latest comments

Install Our App
Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.