BANKING giant CBZ Holdings has taken over Beverley Building Society for a smart £3,5 million in a major coup that marks the beginning of the institu
tion’s triumph in the money-spinning financial services sector, businessdigest can reveal.
The acquisition will increase CBZ’s asset base to well over $40 billion, making it one of the biggest financial institutions in the country.
CBZ’s asset base was at $33 billion on June 30, while Beverley’s was $7,7 billion.
CBZ Holdings’ other subsidiaries include commercial bank, CBZ Bank, and asset management firm, Datvest.
The group is also in the process of setting up a property firm.
Details of the transaction, valued at $1,7 billion in local currency at the ruling official exchange rate or $4 billion at the parallel market exchange rate, emerged this week as CBZ announced plans for an extraordinary general meeting seeking shareholder approval for the acquisition of complementary businesses.
Beverley, for long a sitting duck for a potential take-over, has been subject to speculation of an imminent marriage with CBZ since January this year. There have however been several failed take-over bids since 1998.
Sources said talks between the two financial institutions were concluded during the first week of September after parties to the deal agreed on the price and take-over modalities.