The Boards of Access Bank Plc. (“Access Bank”) and Diamond Bank Plc. (“Diamond Bank”) in December 17, 2018, announced a potential merger between the two banks, after obtaining a letter of “No Objection” from the Central Bank of Nigeria (“CBN”).
The transaction is expected to be completed in the first half of 2019, subject to Access Bank and Diamond Bank obtaining shareholder and regulatory approvals (Central Bank of Nigeria, the Securities and Exchange Commission, the Federal High Court (“FHC”) and the National Pension Commission (“PenCom”)).
Access Bank Plc and Diamond Bank Plc are expected to start operating as a single entity from April 1, 2019.
This, would be under a new enlarged Access Bank brand.
The Managing Director of Access Bank, Herbert Wigwe and his Diamond Bank counterpart, Uzoma Dozie, disclosed this in a joint statement to customers obtained yesterday.
But finalising the merger proposes would be after the deal has been sanctioned by the Federal High Court expected in the coming days, followed by final Securities and Exchange Commission and Central Bank of Nigeria regulatory approvals, they explained.
“We are delighted that shareholders of both companies supported the merger. It is a testament to what we have said before: together we are stronger and can offer more opportunities for our employees, more products and services for you, our customers and more benefits for all our stakeholders.
“This approval puts us a step closer to becoming bigger, better and stronger Access Bank, one of Africa’s largest banks by number of customers,” the statement explained.
They disclosed that a team of brand experts have been working to create a fusion of both banks, adding that the new brand would reflect both banks’ shared purpose to help people achieve their dreams and in doing so, for Africa to take its place on the world stage.
About Access Bank
Access Bank is a full service commercial bank operating through branches and service outlets located in major centres primarily across Nigeria and sub-Saharan Africa, as well as the United Kingdom (extension to United Arab Emirates (Dubai)), with representative offices in China, Lebanon, and India. The Group provides a wide range of banking and other financial services to over 9 million customers from 392 branches and service centres.
Listed on the Nigerian Stock Exchange in 1998, the Bank serves its various markets through four business segments: Personal, Business, Commercial and Corporate & Investment Banking. The Bank has over 830,000 shareholders including several Nigerian and International Institutional Investors and has enjoyed what is arguably Africa’s most successful banking growth trajectory in the last twelve years ranking amongst Africa’s top 20 banks by total assets and capital since 2015.
As part of its continued growth strategy, Access Bank is focused on mainstreaming sustainable business practices into its operations. The Bank strives to deliver sustainable economic growth that is profitable, environmentally responsible and socially relevant.
Bank Diamond Bank is one of Nigeria’s leading retail banks, committed to providing innovative customercentric solutions. The bank offers a full range of banking products and services in retail, business and corporate banking segments. The bank took part in a highly successful Private Placement share offer before going public with an IPO in 2005.
Through innovation and technology, Diamond Bank enhances customer experiences and drives financial inclusion through what it calls ‘Beyond Banking’. Diamond Bank’s digitally-focused proposition is closely aligned to Nigerian lifestyle and consumer trends. Diamond has sought to position itself for long term growth by leveraging Nigeria’s strong fundamentals, including a large underbanked population and Africa’s biggest economy.