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Diamond Bank merger with Access Bank – Management confirms

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Diamond Bank merger with Access Bank has been confirmed on Monday by the Board of Diamond Bank Plc. The merger is expected to be completed in the first half of 2019.

Both banks recently denied media reports of any merger, The News Agency of Nigeria.

Diamond Bank merger with Access Bank - Management confirms lailasnews
Diamond Bank merger with Access Bank – Management confirms


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.

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Dozie said the completion of the merger was subject to certain shareholder and regulatory approvals.

“The proposed merger would involve Access Bank acquiring the entire issued share capital of Diamond Bank, in exchange for a combination of cash and shares in Access Bank via a Scheme of Merger.

“Based on the agreement reached by the boards of the two financial institutions, Diamond Bank shareholders will receive a consideration of N3.13 per share, comprising N1 per share in cash,” he said.

Dozie also said the transaction would include the allotment of two new Access Bank ordinary shares for every seven Diamond Bank ordinary shares held as at the implementation date.

“The offer represents a premium of 260 per cent to the closing market price of 87k per share of Diamond Bank on the Nigerian Stock Exchange as of December 13, 2018, the date of the final binding offer,” Dozie said.

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.

“The current listing of Diamond Bank’s shares on the NSE and the listing of Diamond Bank’s global depositary receipts on the London Stock Exchange will be cancelled upon the merger becoming effective,” he added.

Dozie said the proposed combination with Access Bank would create one of Africa’s leading financial institutions.

“The board of Diamond Bank believes that the proposed combination of the two operations provides an exciting prospect for all stakeholders in both businesses, he said.

Access Bank’s Chief Executive Officer, Mr. Herbert Wigwe, said: “Access Bank has a strong track record of acquisition and integration and has a clear growth strategy.

“Access Bank and Diamond Bank have complementary operations and similar values, and a merger with Diamond Bank with its leadership in digital and mobile-led retail banking.

“This could accelerate our strategy as a significant corporate and retail bank in Nigeria and a Pan-African financial services champion,” said Wigwe.


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284 Comments

  1. Access bank is a good bank it will better diamond emerge with them to serve there customers

  2. I know there was an atom of truth when this rumuor came out, well i wish the their desire, i hope Diamond bank will not change their pattern of banking cos i like their that pattern

  3. BUT WHAT WILL HAPPEN TO THEIR RESPECT CUSTOMERS ESPECIALLY ACCESS BANK CUSTOMERS…WILL THE STILL RETAIN THEIR IDENTITY

  4. Congratulations access bank but before this time they denied it but now that the merger is officially good news to access.

  5. finally the cat has been let of the bag after so many a month of denial,i hope depositors in the affected banks are catered for

  6. It is not a bad idea or bad deed to merge with each other, both bank are great, they will be the best bank by merging together. that is good

  7. Hmm I wish I can now withdraw my tks has minimum bal for diamond bank as they merge with access bank

  8. The Merger is a good idea for Diamond Bank not to close down but what is the faith of Diamond Bank workers.

  9. Well i dont know sha, but i thought they merges bank that is not strong enough to the one that is not strong and i know that these two banks are very strong banks .

  10. finally the cat has been let of the bag after so many a month of denial,i hope depositors in the affected banks are catered for.

  11. Its a welcome idea as far as the benefits are enjoyed by the customers too, not only in the short-run buy on the long run too

  12. Good development
    Other weak Banks should learn from Diamond to ensure efficient service delivery to customers

  13. The fact that diamond Bank will cease to operate is what i like best cos diamond Bank management is too poor

  14. Since it is in the best interest of the stake holders no problem. I think they would deliver better customer services now.

  15. What could cripple diamond bank like this, i too like there services. How i wish is ecobank that acquired diamond.

  16. I don’t see clear reasons for both banks to merge but since it is stated for the best interest of the stake holders, let it be then.

  17. Thats nice…….. Congratulations to Access bank, Hope access will Not be failing people like diamond does?

  18. Congratulations to access bank, access bank is really doing well but their recent cut per transfer now is something else is really to much

  19. The MD of Diamond bank doesn’t worth to be in that position. Things are changing. Mine is that it shouldn’t affect we the customers

  20. Diamond Bank why, I love this bank..the only bank that makes brain…pls i hope this merger won’t affect we the costumers..I’m crying already

  21. Is okay but this emerge of bank now will also cost access bank and account owners on diamond bank alot of stress too.

  22. wow congratulations to access bank more money to our account at least we are growing bigger with more branches

  23. Access bank is a wonderful bank, customers of diamond bank don’t worry yourselves because access bank will treat you people well. It’s a good one tho.

  24. All these banks that are already merging.I guess they can’t cope anymore . Buh let the right thing be done

  25. Wow not a bad idea, two strong banks to merge? I believe this will create more stronger financial institutions.. Well done Access Bank and diamond bank.

  26. Customers of diamond bank, don’t worry yourselves because access is a good bank, they will treat you people well. It’s a good one tho.

  27. It is not a bad idea or bad deed to merge with each other, both bank are great, they will be the best bank by merging together. that is good

  28. Emerging both banks is good but what about their respective customers how will they all go about their normal banking system because this might take a little while before it can be fully understood by some guliable customers

  29. Am glad I read to the end so is diamond bank that will seize to exist abi? I was like Access bank again? This is good news Access bank all the was kudos people

  30. Hoping not just the shareholders are taken care of but also all the staff inclusive so as not to add more people to the labour market!

  31. finally it has come to light that both banks are merging if that will keep them in existence they should ride on and hope members of staff will not loss their jobs

  32. Why the merging?
    I hope they would has considered customers satisfaction before putting their merging procedure in place?
    Access bank best bank ever

  33. I hope nothing will happen to Diamond bank workers. If so then the merger should be re-negotiated immediately.

  34. After the confirmation, what will now be the new bank name???? I believe in Diamond but I don’t know about Access. Best luck.

  35. These great banks coming up together, wow, Access and Diamond bank, I guess they have a go master plan for customers and share holders of both banks

  36. Diamond Bank is one of the best banks in this county, so I don’t know what happened and how it fell to this extent. I’m sure the person managing the bank has done a terrible job

  37. I think it’s a reasonable merger between the two banks and they will definitely yield better as one than as separate entities.

  38. Finally it has been confirm that the merging is true, congratulations to access bank. I hope that it won’t affect the customers of diamond bank and its staff.

  39. I think it’s a good thing that diamond bank merged with access bank for the will bring lots of great benefits

  40. The fact that diamond Bank will cease to operate is what i like best because diamond Bank management is too poor and the way they debit/cut charges is too bad,I hope they will stop it now

  41. OMG!!! This is really something that happened to oceanic bank some years back, now it is happening to diamond bank, I feel for their customers they will loose..

  42. wow, that is a good news, those two banks are smart and innovative, if they merge they are sure going to change the banking system in AFRICA.

  43. Access bank you are the best, diamond bank should just work with them so that dey can move forward together

  44. Diamond bank merging with Access bank will add more to their problems.haven’t merged,the have problem as regard charges on customers transactions e.g.loading a recharge card through Access code *901# the will first of all deduct transaction fee of #20 whether the transaction is successful or not….I wonder how their mode of operation will be after merging.Access bank is getting worse in recent times.
    I will advice them to improve their mode of operation before merging.because their will be more loads on them as new customers will be emerging

  45. So incredible! So this hungry even affect the bank also this was very bad May God help us in this country

  46. Wow that’s good
    Congratulations to them…
    Let dem just work towards creating employment
    For young graduate

  47. I know there was an atom of truth when this rumuor came out, well i wish the their desire, i hope Diamond bank will not change their pattern of banking cos i like their that pattern

  48. When diamond reduced to national bank, I know strong thing s happening to them, any way is still a better moves, congratulation to access bank.

  49. It’s a good development. But they should make sure their customers money is save. Kudos to the management of the banks for taking the bold step

  50. Diamond bank have not been satisfying customers lately. But Access bank on the other hands are better, i believe in the two bank coming together to make great financial institution

  51. It’s for the best because it will boost their customer rate. diamond bank have a very poor customer service unlike access bank

  52. Too bad that Diamond bank will be mergeing with Access bank. Also the better business in the future for them

  53. BUT WHAT WILL HAPPEN TO THEIR RESPECT CUSTOMERS ESPECIALLY ACCESS BANK CUSTOMERS…WILL THE STILL RETAIN THEIR IDENTITY

  54. Congratulations access bank but before this time they denied it but now that the merger is officially good news to access.

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