• Login
  • Register
Nairametrics
  • Home
  • Exclusives
    • Financial Analysis
    • Corporate Stories
    • Interviews
    • Investigations
    • Metrics
    • Economy
    • Nairalytics
  • Markets
    • Currencies
    • Cryptos
    • Commodities
    • Equities
      • Company Results
      • Dividends
      • Stock Market
    • Fixed Income
    • Market Views
    • Securities
  • Sectors
    • Agriculture
    • Aviation
    • Company News
    • Consumer Goods
    • Corporate Updates
    • Corporate deals
    • Corporate Press Releases
    • Energy
    • Entertainment
    • Financial Services
    • Health
    • Hospitality & Travel
    • Manufacturing
    • Real Estate and Construction
    • Renewables & Sustainability
    • Tech News
  • Business News
    • Budget
    • Public Debt
    • Funds Management
    • Tax
  • Financial Literacy
    • Career tips
    • Personal Finance
  • Lifestyle
    • Billionaire Watch
    • Profiles
  • Opinions
    • Blurb
    • Op-Eds
    • Research Analysis
  • Recapitalization
    • Access Holdings Offer
    • Fidelity Bank Offer
    • GTCO Offer
    • Zenith Bank Offer
  • Home
  • Exclusives
    • Financial Analysis
    • Corporate Stories
    • Interviews
    • Investigations
    • Metrics
    • Economy
    • Nairalytics
  • Markets
    • Currencies
    • Cryptos
    • Commodities
    • Equities
      • Company Results
      • Dividends
      • Stock Market
    • Fixed Income
    • Market Views
    • Securities
  • Sectors
    • Agriculture
    • Aviation
    • Company News
    • Consumer Goods
    • Corporate Updates
    • Corporate deals
    • Corporate Press Releases
    • Energy
    • Entertainment
    • Financial Services
    • Health
    • Hospitality & Travel
    • Manufacturing
    • Real Estate and Construction
    • Renewables & Sustainability
    • Tech News
  • Business News
    • Budget
    • Public Debt
    • Funds Management
    • Tax
  • Financial Literacy
    • Career tips
    • Personal Finance
  • Lifestyle
    • Billionaire Watch
    • Profiles
  • Opinions
    • Blurb
    • Op-Eds
    • Research Analysis
  • Recapitalization
    • Access Holdings Offer
    • Fidelity Bank Offer
    • GTCO Offer
    • Zenith Bank Offer
Nairametrics
No Result
View All Result
Home Business News

OFFICIAL: Diamond Bank finally confirms ongoing merger with Access Bank Plc

Emmanuel Abara Benson by Emmanuel Abara Benson
December 17, 2018
in Business News, Company News, Corporate deals
Diamond Bank, Access Bank
Share on FacebookShare on TwitterShare on Linkedin

Following numerous unconfirmed reports earlier today, Diamond Bank Plc has finally disclosed that it would be merging with Nigeria’s tier-1 lender, Access Bank Plc, to form  Sub-Saharan Africa’s biggest retail bank.

According to a press statement that was signed by Diamond Bank’s Chioma Afe and issued exclusively to Nairametrics, Diamond Bank’s board of directors made the decision after a strategic review which led to a competitive bidding process, with Access Bank Plc ultimately emerging as the most preferred bidder.

The statement also revealed that the board of Diamond Bank Plc believes this is the best direction to take in order to protect the interests of its customers, shareholders, and employees.

RelatedStories

Access Bank

Access Bank acquires Standard Chartered Tanzania operations amid CBN’s regulatory forbearance restrictions on foreign deals 

June 24, 2025
Access Bank

Inside Access Bank’s N180 billion claims against MTN 

June 13, 2025

Furthermore, the bank said it would recommend the matter to its shareholders soon. In the meantime, the completion of the merger is subject to certain important approvals to be gotten from some unnamed shareholders as well as regulatory bodies.

All things being equal, the deal is expected to be completed before the end of March, 2019.

Dozie and Wigwe have reacted to the development

Meanwhile, Diamond Bank’s Chief Executive Officer, Mr Uzoma Dozie, has reacted to this development. In his words-

“The proposed combination with Access Bank will create one of Africa’s leading financial institutions.

There is clear strategic rationale for the proposed merger and strong complementarities between the two institutions. While Diamond Bank has pioneered Nigeria’s largest technology-led retail banking platform, Access Bank is one of Nigeria’s leading full-service commercial banks. Consolidation in the Nigerian banking industry is an inevitable, natural progression in a sector where the gap between Tier 1 and Tier 2 banks has been widening and scale has become critical; where technology will disrupt the traditional business model while enabling broader financial inclusion.”

Access Bank’s CEO, Herbert Wigwe, also reiterated Mr Dozie’s position, stating that “Access Bank and Diamond Bank have complementary operations and similar values, and a merger with Diamond Bank, with its leadership in digital and mobile-led retail banking, could accelerate our strategy as a significant corporate and retail bank in Nigeria and a Pan-African financial services champion.”

More details on this development

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. Based on the agreement reached by the Boards of the two financial institutions, Diamond Bank shareholders will receive a consideration of N3.13 per share, comprising of N1.00 per share in cash and N2.13 per share equivalent in newly issued shares of Access Bank to be exchanged for the outstanding shares of Diamond Bank. The offer represents a premium of 260% to the closing market price of N0.87 per share of Diamond Bank on the Nigerian Stock Exchange (“NSE”) as of December 13, 2018, the date of the final binding offer.

If you are a shareholder in Diamond Bank you can calculate what your total share will be after the merger by clicking here.

This is not a case of liquidation

Immediately following completion of the merger, Diamond Bank would be absorbed into Access Bank and it will cease to exist under Nigerian law without going into liquidation. The current listing of Diamond Bank’s shares on the NSE and the listing of Diamond Bank’s global depositary receipts on the London Stock Exchange will be cancelled, upon the merger becoming effective In addition, Access Bank will assume all of Diamond Bank’s indebtedness following the consummation of the merger and upon obtaining all requisite approvals.

Recall that Nairametrics first to break this story yesterday night, confirming our weeks-long speculation on the matter.

If this merger pulls through, which is most likely a possibility, it would become the  biggest corporate deal the Nigerian business environment has witnessed this year.

About Diamond Bank Plc

Diamond Bank Plc was incorporated on December 20, 1990 and began operating as a private limited liability company on March 21, 1991. Ten years later, in February 2001, Diamond Bank became a universal bank. In January 2005, Diamond Bank became a public limited company following a highly successful Private Placement share offer which substantially raised the Bank’s equity base. In May 2005, the Bank was listed on The Nigerian Stock Exchange.

Download the Press Release here


Follow us for Breaking News and Market Intelligence.
Tags: Access Bank Plc NewsDiamond Bank PlcDiamond Bank's merger with Access BankOn the Money
Emmanuel Abara Benson

Emmanuel Abara Benson

Emmanuel Abara Benson is an experienced business reporter and editor. He currently edits articles at Nairametrics. Reach him via email on Emmanuel.abara@nairametrics.com and follow him on Twitter @Mr_Abara for his personal opinions.

Related Posts

Access Bank
Company News

Access Bank acquires Standard Chartered Tanzania operations amid CBN’s regulatory forbearance restrictions on foreign deals 

June 24, 2025
Access Bank
Financial Services

Inside Access Bank’s N180 billion claims against MTN 

June 13, 2025
Access Bank completes acquisition of National Bank of Kenya to deepen presence in East Africa 
Corporate deals

Access Bank completes acquisition of National Bank of Kenya to deepen presence in East Africa 

June 2, 2025
Access Bank reaffirms commitment to diaspora financial inclusion, commends launch of NRBVN Platform
Companies

Access Bank reaffirms commitment to diaspora financial inclusion, commends launch of NRBVN Platform

May 27, 2025
EFCC, NOUN, Sunflower Hotel
Financial Services

Alleged N5.7 billion fraud: EFCC witness reveals how ex-Bank employee accessed customers’ accounts 

May 16, 2025
#NoNoiseJustSigns: Access Bank unveils DiamondXtra Season 17, to reward customers with over N200m
Companies

#NoNoiseJustSigns: Access Bank unveils DiamondXtra Season 17, to reward customers with over N200m

May 15, 2025
Next Post
Access Bank and Union Bank, Access Bank, CBN, Creative Industry Financing Initiative, CIFI

Access Bank issues statement on merger with Diamond Bank

Comments 1

  1. Deda Okuyiga says:
    December 18, 2018 at 10:52 am

    Bravo, nairametrics for your leadership in business reporting, my question; what will be the fate of Diamond bank GDR holders ?

    Reply

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Emple
nlng
first bank








DUNS

Recent News

  • FG says it cannot accept Venezuelan deportees from US amid visa curbs and BRICS tension 
  • Chapel Hill’s Debt Fund to pay N5.20 per unit to holders after N11.7 billion H1 profit, reveals date 
  • All on invests USD 0.25 Million in enee.io to scale its sales operations in Nigeria 

Follow us on social media:

Recent News

FG says it cannot accept Venezuelan deportees from US amid visa curbs and BRICS tension 

FG says it cannot accept Venezuelan deportees from US amid visa curbs and BRICS tension 

July 11, 2025
Chapel Hill’s Debt Fund to pay N5.20 per unit to holders after N11.7 billion H1 profit, reveals date 

Chapel Hill’s Debt Fund to pay N5.20 per unit to holders after N11.7 billion H1 profit, reveals date 

July 11, 2025
  • iOS App
  • Android App
  • Contact Us
  • Home
  • Markets
  • Sectors
  • Economy
  • Business News
  • Financial Literacy
  • Disclaimer
  • Ads Disclaimer
  • Copyright Infringement

© 2025 Nairametrics

Welcome Back!

Login to your account below

Forgotten Password? Sign Up

Create New Account!

Fill the forms below to register

All fields are required. Log In

Retrieve your password

Please enter your username or email address to reset your password.

Log In
Social Media Auto Publish Powered By : XYZScripts.com
No Result
View All Result
  • Home
  • Exclusives
    • Financial Analysis
    • Corporate Stories
    • Interviews
    • Investigations
    • Metrics
    • Economy
    • Nairalytics
  • Markets
    • Currencies
    • Cryptos
    • Commodities
    • Equities
      • Company Results
      • Dividends
      • Stock Market
    • Fixed Income
    • Market Views
    • Securities
  • Sectors
    • Agriculture
    • Aviation
    • Company News
    • Consumer Goods
    • Corporate Updates
    • Corporate deals
    • Corporate Press Releases
    • Energy
    • Entertainment
    • Financial Services
    • Health
    • Hospitality & Travel
    • Manufacturing
    • Real Estate and Construction
    • Renewables & Sustainability
    • Tech News
  • Business News
    • Budget
    • Public Debt
    • Funds Management
    • Tax
  • Financial Literacy
    • Career tips
    • Personal Finance
  • Lifestyle
    • Billionaire Watch
    • Profiles
  • Opinions
    • Blurb
    • Op-Eds
    • Research Analysis
  • Recapitalization
    • Access Holdings Offer
    • Fidelity Bank Offer
    • GTCO Offer
    • Zenith Bank Offer
  • Login
  • Sign Up

© 2025 Nairametrics