Access Bank Acquires Diamond Bank
Both organizations released official confirmations in different statements on Monday, 17th December, both of which were obtained by Naija News.
A statement by Uzoma Uja, Diamond bank’s Secretary/Legal Adviser, said the transaction will be completed by the first half of 2019.
“The proposed merger would involve Access Bank acquiring the entire issued share capital of Diamond Bank in exchange for a combination of cash and shares in Access Bank via a Scheme of Merger,” the disclosure, sent to the Nigeria Stock Exchange, said.
Sunday Ekwochi, Access bank company secretary, in a statement signed on behalf of the bank, also confirmed the merger plans with Diamond bank which he claimed will create the largest retail bank in Africa.
Recall Naija News earlier reported the transaction is in process and an official statement in the regard is been expected in the course of the week.
The official confirmation is coming about a month after initial reports that the two banks were in talks over an acquisition, a news denied by both banks back in November 2018.
Following earlier reports today including a publication by Naija News, comments and reactions from Nigerians, expressing concern and worry over the implication of the merger for their accounts, especially, Diamond bank customers have filled social media.
Below is the full statement from both banks.