Access Bank acquires Diamond Bank

Access Bank has acquired Diamond Bank as confirmed by Cableng, who alleged that the official announcement of the transaction will be made in the course of the week by the Central Bank of Nigeria (CBN).

Access Bank acquires Diamond Bank lailasnews


This is coming after Diamond Bank announced its decision to drop its international operating licence, to focus on national operations following capitalisation issues. Sources alleged that the acquisition was midwifed by the CBN in a bid to further consolidate the banking industry.

Uzoma Dozie, Diamond bank’s chief executive officer, who confirmed the development in a statement released on Friday, said;

“With this approval, the bank will cease to operate as an international bank,” Dozie had said.

“The re-licensing as a national bank supports Diamond Bank’s objective of streamlining its operations to focus resources on the significant opportunities in the Nigerian retail banking market, and the economy as a whole.

“The move follows Diamond Bank’s decision to sell its international operations, which included the disposal of its West African Subsidiary in 2017 and Diamond Bank UK, the sale of which is currently in its final stages.

“The change to national bank status also enables the bank to maintain a lower minimum capital requirement of 10 per cent, as against 15 per cent required for international banks.”

Reports of Access Bank acquiring Diamond Bank is coming, after Diamond bank recorded its worst month on record in November with share plunging to 0.61k per unit on November 30, 2018.

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111 Comments

  1. Diamond bank is a flexible bank. Access bank una try sef. But please, still maintain it’s staff because if they are sacked or kept at redundancy, depression can kill them

  2. What about those banking with them I hope transactions are intact but just change of name due to the are acquired by Access bank

  3. It’s sounding like a joke. Hope it won’t have negative effect on her (Diamond) staffs and operations in Nigeria.

  4. Well in economics this is called merger… Which means coming together of two company in oder to get profit

  5. I hope this was a wise decision by Uzoma Dozie’s to sell his bank, would they be able to continue transactions effectively?

  6. I hope this was a wise decision by Uzoma Dozie to sell his bank, would they be able to continue transactions effectively?

  7. Access Bank Acquired Diamond Bank Bank. They should be something within the diamond Bank that is happening and we don’t know. Thank God. Congratulations to Access Bank.

  8. Welcome development Diamond bank. Instead of keeping your load where your hands canot reach, its better to drop it where you can always pick it up. Now the question to Acess bank is, will acess be able to serve these customers in this regard?

  9. Wow, ok this is something that i did not know at all, well all.the best for them, and we the customers.

  10. Good consolidation to the banking industry and a step forward for acess to make banking easy for their customer.

  11. Those that mean they will not bear the name diamond bank again? And hope they won’t lay off workers because that might affect homes.

  12. If this can make them perform effectively nationally that’s ok. Is better to recognise your problems and make the best decision to manage it. Wish them well all the way.

  13. At first diamond bank is not strong enough to go with the recapitalization policy so its for the betterness of the public.

  14. Does is mean there will be a merger, I guess diamond has their reasons, I hope that being a national bank, they will serve better.

  15. If that will save customer interest in banking with diamond bank I think is better due to their financial weakness

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