Diamondxtra, Access Diamond merger, Diamond Bank, Access Bank, Consolidation, Merger, Shareholders, International Women's Day

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

What next?

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.

Onome Ohwovoriole has a degree in Economics and Statistics from the University of Benin and prior to joining Nairametrics in December 2016 as Lead Analyst had stints in Publishing, Automobile Services, Entertainment and Leadership Training. He covers companies in the Nigerian corporate space, especially those listed on the Nigerian Stock Exchange (NSE). He also has a keen interest in new frontiers like Cryptocurrencies and Fintech. In his spare time, he loves to read books on finance, fiction as well as keep up with happenings in the world of international diplomacy. You can contact him via onome.ohwovoriole@nairametrics.com


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