The Nigeria Inter-Bank Settlement System Plc (NIBSS), has intimated its clients about Diamond Bank Plc’s change of name which takes effect today, April 1st, 2019.
This information, which was sent across to clients via email, stated that Diamond Bank Plc has now changed its name to Access Bank Plc (Diamond).
According to the announcement, the change of name will “not affect the current bank code for Diamond Bank”.
“As directed by Access Bank Plc, we wish to inform you that Diamond Bank Plc has changed its name to Access Bank Plc (Diamond).
“We, therefore, request that the change be executed on all financial service platforms effective April 01, 2019.”
The backstory
A Federal High Court sanction – Recall that Diamond Bank Plc and Access Bank Plc recently finalised a merger scheme which saw the two lenders pulling resources together to form Sub Saharan Africa’s biggest bank.
As we reported, the merger process was finalised when the Federal High Court of Nigeria sanctioned the scheme, allowing Access Bank Plc to acquire Diamond Bank’s entire share capital through a cash and share exchange.
All the necessary regulatory approvals were given – Prior to the court sanction, both the Central Bank of Nigeria (CBN) and the Securities and Exchange Commission (SEC) approved the merger.
Diamond Bank’s shares no longer available for trading on the NSE – Meanwhile, the Nigerian Stock Exchange (NSE) has already suspended Diamond Bank’s shares indefinitely. What this means is that the bank’s shares will no longer be bought and sold on the Nigerian bourse, seeing as Diamond Bank no longer exist as an independent entity.
The importance of NIBSS’s notice
Although Diamond Bank Plc and Access Bank Plc has now merged to become one stronger bank, customers of Diamond Bank Plc can still be able to use their cards to perform all kinds of transactions.
However, it is important to denote the new name under which the bank (i.e. Diamond Bank Plc) shall now be operating.
About the NIBSS
The main function of the Nigeria Inter-Bank Settlement System (NIBSS) is to ensure easy transfer of cash between banks. It was incorporated in 1993 and is owned by all the licensed banks in the country; as well as the Central Bank of Nigeria, CBN.