Cavmont Bank to be bought off by Access Bank

Access Bank Plc has confirmed that its wholly owned subsidiary in Zambia, Access Bank Zambia Limited is in advance discussions with Cavmont Capital Holdings Zambia Plc to acquire 100% stake in Cavmont Bank Zambia Limited company.

In a statement dated 8 July 2020, made available to the Zambian Business Times – ZBT signed by Access Bank Plc company Secretary Sunday Ekwochi, the Nigerian bank stated that “Access Bank Zambia Limited has entered into exclusive discussions with Cavmont Capital Holdings Zambia Plc regarding a potential transaction for the sale of 100% of Cavmont Capital’s interest in Cavmont Bank Zambia to Access Bank Zambia”.

On June 27, 2019, ZBT had reported that Cavmont bank was cutting jobs and shutting down some of its rural branches. Cavmont had at that time publicly announced that the bank was restructuring its operations in Zambia that will lead to some branch mergers while other will be closed to streamline its operations.

The banks then Head of Communication and Customer Services Chilunga Puta stated that the restructuring of the Bank and its centralizing of processes was aimed at meeting international standards.

If the acquisition is finalized, most of the senior jobs at Cavmont will be cut as its expected that Head office and managerial positions will be taken up by the acquirer bank, with only the essential jobs likely to be spared. More to follow
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