IT’S OFFICIAL – Diamond, Access Banks Merge
The management of Diamond Bank on Monday announced its merger with Access Bank. A statement by Uzoma Uja, the 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. Read the full disclosure below: STATEMENT REGARDING SCHEME TO MERGE WITH ACCESS BANK The Board of Diamond Bank Plc (“Diamond Bank”) today announces that following a strategic review leading to a competitive process, the Board has selected Access Bank Plc (“Access Bank”) as the preferred bidder with respect to a potential merger of the two banks (“the merger”) that will create Nigeria and Africa’s largest retail bank by customers. The Board of Diamond Bank believes that t...