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

In separate notices sent to the Nigerian Stock Exchange (NSE) today, Access Bank and Diamond Bank both announced they had obtained final approval from the Central Bank of Nigeria (CBN) and Securities and Exchange Commission (SEC) to the proposed scheme of merger. 

What next? : The Scheme is subject to the judicial sanction of the Federal High Court.

Concluded steps: Shareholders of both lenders approved the merger at Extra Ordinary General Meetings (EGMs) held on the 6th of March, 2019.

The two banks formally began the merger process with an announcement in December last year. Nairametrics, however, broke the news prior to that.

Terms of the merger 

Access bank closed at N5.80 in today’s trading session on the NSE, down 2.52%. Diamond Bank closed at N2.45, down 1.61%.

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

1 COMMENT

  1. honestly i don’t knowwhat the ACCESS bank shareholders benefits from this acqusition which you people are calling merger. To me it is carrying of diamond bad liabilities and i hope it will not affect them in future. Diamond bank has always claim to be rich, as for me it was over priced at 330kobo- remember that was the best bidder whichich means others must have priced far cheaper.
    To shareholders of ACCESS bank, this have cost them dividend pay for the year and worse is that there was no compensation of bonus scrip. Also those that benefitted from this acquistion is only diamond bank fullstop. Although access bank management are just only concern about the increment of the number of their branches to well aove 1000 by this acquisition, i hope the benefit surfaces in future.

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