Access Bank Plc has canceled an Extra Ordinary General Meeting, earlier scheduled to hold on February 1, 2019.
The tier one bank disclosed this in a notice sent a few minutes ago to the Nigerian Stock Exchange (NSE). It, however, gave no reason for the move.
The bank last week disclosed it had obtained approval in principle from the Central Bank of Nigeria (CBN) as well as Securities and Exchange Commission (SEC) with respect to its proposed merger with Diamond Bank Plc.
During the briefing, the bank maintained there would be no job losses arising from the merger, as branches would not be closed.
“Staff will be retrained for new roles. Where there are overlaps, one of the branches can be converted to an e-branch or atm gallery.
“We are not about to make certain mistakes that we have done from the past. You will see some branches next door for the next year. Nothing will happen. We want customers to choose where Is convenient for them. There is no rush. We don’t want any service disruption.”
Prior to this
The bank in December last year announced the planned EGM. Agenda was to obtain shareholders approval to raise additional equity to the tune of N75 billion. Proceeds were to be used to boost the bank’s capital base, post-merger with Diamond Bank Plc.
Access Bank closed at N5.60 in today’s trading session, unchanged from last Friday. Year to date, the stock is down 17.6%.
Results for the nine months ended September 30, 2018, show gross earnings increased from N365.1 billion recorded in 2017 to N375.2 billion in 2018.
Profit Before Tax dropped from N72 billion for the period in 2017 to N70.3 billion in 2018. Profit after tax, however, increased from N56.4 billion, in 2017 to N62.9 billion in 2018.