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Roysnickz
Access Bank Acquires Zambia's Cavmont Bank
~2.0 mins read
Access Bank Zambia, a subsidiary of Nigeria’s Access
Bank Plc, has reached a ‘definitive agreement’ with
Cavmont Capital Holdings Zambia Plc (CCHZ) to acquire
Cavmont Bank Ltd.
The tier-1 bank announced this latest development
regarding the merger talk which has been ongoing for a
while, in a statement that was signed by its Company
Secretary (Sunday Ekwochi) and issued to the Nigerian
Stock Exchange earlier today.
According to the statement by Access Bank, the deal is a
highly complementary transaction that is expected to
combine Access Bank Zambia’s wholesale and trade
finance capabilities with Cavmont Bank’s retail and
commercial banking operations.
The proposed transaction which, in the meantime is still
subject to relevant shareholder and regulatory approvals, is
also expected to better position Access Bank Zambia as
one of the top 10 banks in the Southern African country.
Customers from the enlarged bank will benefit from greater
security offered by what will be one of the most capitalized
banks in Zambia with a more diversified product and
service offering and a broader geographical footprint and
infrastructure.
Access Bank on its notification stated, ‘’ Subsequent to our
announcement on July 8, 2020, the Board of Access Bank Plc
announces today that its subsidiary, Access Bank (Zambia)
Limited, has entered into a definitive agreement with
Cavmont Capital Holdings Zambia Plc (CCHZ) regarding
proposed acquisition of Cavmont Bank Limited, a subsidiary
of CCHZ and subsequent merger of Cavmont Bank’s
operations into Access Bank Zambia. The proposed
transaction, which remains subject to relevant shareholder
and regulatory approvals, will position the enlarged Access
Bank Zambia as one of the top 10 banks in Zambia and
create the momentum to advance its strategic objectives.’’
‘’Under the terms of the agreement, Access Bank Zambia will
acquire the entire issued ordinary share capital, assets and
liabilities of Cavmont Bank while Capricom Group Limited, the
ultimate majority shareholder of CCHZ will invest at least
ZMW300 million ($16.5 million) of preference shares into
Access Bank Zambia. Capricorn will hold preference shares in
the enlarged Access Bank Zambia for a period of five years,
after which the preference shares will be acquired by Access
Bank Plc.’’
The statement also notes that the enlarged bank will be well
placed to participate in the long-term economic growth of
Zambia and will be predicated on the country’s vast
reserves of natural resources and fast growing young
population.
The transaction is expected to be completed during the
fourth quarter of 2020.
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Roysnickz
CBN NIRSAL Loan For Agro Geo Cooperatives Has Commenced.
~0.9 mins read

CBN NIRSAL Loan for Agro Geo Cooperativeso Has Commenced: See How To Apply

DAMIANDO
Aug 21, 2020 8:42 AM

The much awaited CBN Agro Geo-Cooperative loan is now here. This loan has been rolled out by CBN to be disbursed through NIRSAL bank to support farmers financially. This loan disbursement caters for wide categories of farmers ranging from crop production, bees farming, poultry, aquaculture, livestock and many more fall within the categories to be founded by Agro Geo-Cooperative loan.

 
Those captured in the AGC model are community leaders, individuals, enterprises, corporate bodies, graduates, N-Powerbeneficiaries, active and retired leaders and farmers in :The ADP programme, World Bank FADAMA Programme, USAID Markets Programme, IFAD Value Chain Development Programme, The World Bank Climate Adaptation and Business Support Programme, AFDB Agric Programmes, the DFID's Propcom Maikarfi Programme, the SASSAKAWA Global 2000 Programme and others that meet NIRSAL PLC's eligibility requirements and who are domiciled in or have access to their communities and farmers, are encouraged to take advantage of this opportunity and a means of employment and revenue source to support their self-organised AGCs.

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