The managements of Access Bank and Diamond Bank are this morning notifying the Nigerian Stock Exchange about the intention of both leading banks to merge, BusinessDay has learnt.
The notice of the intention to merge will be announced to the exchange as the markets opens and will precede an expected approval by the Central Bank of Nigeria. The Securities and Exchange commission, SEC is also being notified.
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Both banks signed an agreement to combine resources on Sunday and BusinessDay learnt that the move is coming before a window given by the CBN for the parties to reach a binding understanding and as a result it is expected that the apex bank will grant its approval for the merger speedily.
The merger will take the combined entity to number one or number two in the financial services landscape in Africa’s largest economy.
Sources say the effective combination of both banks should be completed by June next year although details of the arrangement are still being worked out.
Effective merger to happen by June 2019.
