BusinessDay

Access, Diamond Bank merger deal crosses last hurdle as court approves deal

Tier-1 bank, Access Bank, has announced the final completion of the process in the merger deal between the bank and Diamond Bank.

Access Bank in a statement made available to the Nigerian Stock Exchange today confirmed that the Court Sanction of the merger deal has been obtained today.

This was sequel to the final approval by the apex bank, Central Bank of Nigeria, and Securities and Exchange Commission.

Shareholders of the two banks had at a court ordered meeting overwhelmingly approved the merger plans by the two banks.

The merger forms a leading Tier 1 Nigerian bank and the largest bank in Africa by number of customers, spanning three continents, 12 countries and 29 million clients.

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 which will see Diamond Bank shareholders receive NGN3.13 per share in cash and shares.

 

OLUFIKAYO OWOEYE

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