The Board of Diamond Bank Plc has finally announced its merger with Access Bank Plc. The bank’s Chief Executive Officer, Mr. Uzoma Dozie, said in Lagos that the Board had selected Access Bank as the preferred bidder with respect to a potential merger of both banks. Dozie said the potential merger of the two banks would create Nigeria and Africa’s largest retail bank by customers.
He added that the transaction to be completed in the first half of 2019 was in the best interest of all stakeholders. Dozie said the completion of the merger was subject to certain shareholder and regulatory approvals.
He said 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.
Access Bank’s Chief Executive Officer, Mr. Herbert Wigwe, said both banks have complementary operations and similar values, and a merger could accelerate thier strategy as a significant corporate and retail bank in Nigeria and a Pan-African financial services champion.