Diamond Bank shareholders approve merger at EGM
Chiugo Ndubisi, Executive Director/Chief Financial Officer; Caroline Anyanwu, Deputy Managing Director; Uzoma Dozie, CEO; Dele Babade, Acting Chairman; and Uzo Uja, Company Secretary, all of Diamond Bank at the Court-ordered meeting of Shareholders held at the Civic Centre, Victoria Island, Lagos recently.

Diamond Bank Plc (“Diamond Bank”) and Access Bank Plc (“Access Bank”) today announced the approval of their merger by shareholders of Diamond Bank and Access Bank, respectively.

Shareholders of both entities have voted in favour of the Scheme of Merger, as outlined below, paving the way for the completion of the transaction.  

 

The Central Bank of Nigeria (CBN) and the Securities Exchange Commission (SEC) had earlier, granted Approvals-in-Principle for the respective Scheme of Merger of both banksSubject to final regulatory approvals, including the High Court Sanction of the Scheme, the combined business will start operating on April 1st2019.  

 

Commenting on today’s votes by shareholders, Herbert Wigwe, Chief Executive Officer of Access Bank, said:  

 

I’m delighted that the shareholders of both companies share our vision and have supported this merger. The merger is about bringing together our complementary retail and corporate banking capabilities to create one of Nigeria’s leading Tier 1 banks. This accelerates our strategy of becoming a leading bank in Nigeria and Africa’s Gateway to the WorldThis combination will create the largest retail bank in Africa by customer base and a very significant player in the Nigerian market – thereby creating more opportunities for our customers, colleagues and shareholders.” 

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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