Following the Court Sanction of the Scheme of Merger between Access Bank Plc. and Diamond Bank Plc, the Nigerian Stock Exchange has announced the listing of 6 billion ordinary shares of 50 Kobo each of Access Bank Plc. resulting from the Scheme, while the entire 23billion ordinary shares of Diamond Bank Plc were delisted from the daily official list of the exchange on Monday.
This new listing brings the total issued and fully paid up shares of Access Bank Plc to 35billion from 28billion ordinary shares.
The two banks announced their merger plans following the signing of the Memorandum of Agreement and announcement of headline terms, in December 2018 which valued Diamond Bank at approximately $200 million.
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 of N1.00 per share in cash and the allotment of two new Access Bank ordinary shares for every seven Diamond Bank ordinary shares held as at the implementation date.
Access Bank launched its new corporate logo earlier this week, the new brand identity, fuses together the best of Access Bank and Diamond Bank. The diamond shape is fused into the three chevrons, which radiate in all directions to create layers around a core. The use of the diamond colour palette was further emphasised with the dominance of green in its retail application, ensuring continuity for retail customers, while the dominant orange in the corporate application provides the same sense of familiarity to Access Bank’s customers.
Chief Executive Officer, Access Bank, Herbert Wigwe said Access Bank will leverage on its strong track record of acquisition and integration. Noting that Access and Diamond have complementary operations and similar values, and a merger with Diamond Bank, with its leadership in digital and mobile-led retail banking, could accelerate Access Bank’s strategy as a significant corporate and retail bank in Nigeria and a Pan-African financial services champion.
“Access has a strong financial profile with attractive returns and a robust capital position. We believe that this platform, together with the two banks’ shared focus on innovation, financial inclusion, and sustainability, can bring benefits to Access and Diamond customers, staff and shareholders,” he said.
OLUFIKAYO OWOEYE
