Shareholders of Access Bank Plc and Diamond Bank have approved the merger between both lenders. This was obtained at two Extra Ordinary General Meetings held in Lagos yesterday. The merger between the two entities, could create Nigeria’s largest bank by asset size.
In a notice sent to the Nigerian Stock Exchange today, Access Bank disclosed that 97.89% of votes cast were in favour of the transaction.
Diamond Bank, on its part, stated that 99.98% of shareholders of the Bank voted in favour of the resolution contained in the merger scheme
The banks also stated that they expect the combined entity to begin operations on April 1st, 2019.
The Central Bank of Nigeria (CBN) and the Securities and Exchange Commission (SEC) have granted their in principle approvals of the scheme of merger. Subject to final approval and judicial sanction of the scheme, the combined entity is expected to start operating on April 1st, 2019.
Access Bank closed at N6 in yesterday’s trading session on the Nigerian Stock Exchange. Diamond Bank closed at N2.50 in yesterday’s trading session, up 9.7%.
This story was published prior to the press releases issued by Access and Diamond Bank respectively and has been updated to reflect current information.