Diamond Bank

BUSINESS: Access, Diamond banks finalise merger [READ MORE]

The Management of Access and Diamond banks have completed their much anticipated merger arrangement, NEWS FLAKES NG can authoritatively report.  The shareholders who voted in support of the merger pulled 97.89 percent or 14,298,393,943 units of shares, while those against stood at 2.11 percent or 307,122,041 units shares. Mr Herbert Wigwe, Access Bank Chief Executive Officer, told the shareholders at the EGM that the merger with Diamond Bank enables Access Bank to acquire a bank with 17 million retail customers and the most viable mobile payment platform. He said that the expected revenue and cost synergies were material and promises significant long term value. Wigwe explained further that the bank, [Read]

BUSINESS: Access Bank Takes Over Diamond Bank [READ MORE]

  LAGOS — Access Bank Plc has finally acquired Diamond Bank Plc. According to insiders, the official announcement of the transaction will be made in the course of the week by the Central Bank of Nigeria, CBN, NEWS FLAKES NG authoritatively gathers. Another source said confirmed that the deal has been sealed, awaiting final ratification from the regulatory body. The acquisition was midwifed by the CBN in a bid to further consolidate the banking industry, sources informed. Last week, Diamond Bank announced its decision to drop its international operating licence to focus on national operations following capitalisation issues. Uzoma Dozie, the bank’s Chief Executive Officer, confirmed the development in a [Read]