The Board of Diamond Bank Plc on Monday finally announced its merger with Access Bank Plc. The merger is expected to be completed in the first half of 2019.
The News Agency of Nigeria reports that both banks recently denied media reports of any merger. The bank’s Chief Executive Officer, Mr. Uzoma Dozie, said in Lagos that the Board had selected Access Bank as the preferred bidder with respect to a potential merger of both banks.
Dozie said the potential merger of the two banks would create Nigeria and Africa’s largest retail bank by customers. He added that the transaction to be completed in the first half of 2019 was in the best interest of all stakeholders.
Dozie said the completion of the merger was subject to certain shareholder and regulatory approvals. He said the bank’s shares would be absorbed into Access Bank at the completion of the merger and Diamond Bank would cease to exist under Nigerian law.