Access Bank’s Zambian subsidiary announced plans for the acquisition of a 100% stake of domestic lender Cavmont Capital Holdings Zambia in mid July.
Following the collapse of Equity Bank’s plans to acquire Atlas Mara’s subsidiaries in Rwanda, Zambia, Mozambique and Tanzania in June, the deal is a sign that an anticipated Covid-19-driven spate of bank mergers may be on the cards.
Analysis by McKinsey suggests that the coronavirus crisis could result in African banking revenues falling by between 23% and 33% between 2019 and 2021.
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