Coronavirus: United Kingdom, facing worst recession on record, sees GDP drop 20.4% in Q2

The UK has seen its economy, hit by the coronavirus crisis, suffer a "record" contraction of 20.4% in the second quarter, and is officially facing its worst recession on record, agency figures show National Statistics (ONS), published Wednesday 12 August. 
Economists consider that a country enters a technical recession when it accumulates two consecutive quarters of contraction in its economy. According to the ONS, most of the contraction, which began to be felt in March, occurred in April, an entire month of containment and almost total cessation of activity in the country, which saw production collapsed by 20%.

With a very early recovery in construction sites and manufacturing activity, gross domestic product (GDP) rebounded in May by 2.4% (revised figure), followed by an acceleration in June (+8.7 %) thanks in particular to the reopening of all shops. This is the biggest contraction in the UK economy since the ONS began these quarterly statistics in 1955, he said…

Nigerian Access Bank to Acquire Cavmont Bank Zambia

Nigerian group Access Bank reported that its subsidiary in Zambia is in exclusive negotiations with the owners of its rival Cavmont Bank for an acquisition. The group thus confirms its ambition to extend its network of banks to the African scale.

Nigerian Access Bank to Acquire Cavmont Bank Zambia

The Nigerian group Access Bank is targeting a new acquisition in the banking sector in Zambia, we learned from a press release published for investors. Its subsidiary in this country has started discussions with Cavmont Capital Holdings with the aim of buying its bank, Cavmont Bank. Access Bank clarified that these discussions may not be successful.

This information meets the ambitions displayed by the Nigerian group on June 3. He said that he is now embarking on an African expansion, in order to build his own network of banks in the region.

Already on January 17, 2020, he finalized the acquisition of the Transnational Bank in Kenya; which allowed him to access a network of 28 additional bank branches. In the past two years, its biggest acquisition has been the takeover of its rival on the Nigerian market Diamond Bank.

Access Bank can allow real expansion. The Nigerian market, although offering opportunities, shows a certain saturation in terms of the number of customers available. The group also has the means to support this strategy. Its turnover represents twice its market value and the return on equity is 16.5%, a sign that it can still rally investors. Its cash, too, is at a comfortable level.