News,Entertainment,Beauty Tips,Inspiration,Events And Sport updates..."Gossip"

Tuesday, 18 December 2018

Diamond Bank Finally Confirms its ACCESS BANK MERGER

Image result for diamond bank

The Board of Diamond Bank Plc, has finally announced its merger with Access Bank Plc.

The merger is expected to be completed in the first half of next year.
The bank’s Chief Executive Officer, Mr. Uzoma Dozie, announced this today 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, adding that 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.
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.

Harrison Essien


Post a Comment


Popular Posts



Sport (165)