Access-Diamond Banks merger set for completion as shareholders endorse the scheme

The proposed merger of Access Bank Plc and Diamond Bank Plc continued on its planned trajectory as shareholders of the banks have given their seal of approvals.

This was confirmed by the banks in a joint update to stakeholders on Wednesday, March 6, 2019, by the Chief Executive Officers, Herbert Wigwe and Uzoma Dozie, respectively.

With this very important endorsement, the Scheme of Merger will subsequently clear the path for the completion of the merger.

It will be recalled that the relevant regulatory authorities, namely the Central Bank of Nigeria (CBN) and the Securities and Exchange Commission (SEC) as well as a High Court, had earlier granted Approvals-in-Principle for the Scheme of Merger to proceed.

Sequel to the approvals, the combined business, to be known as Access Bank, will become operational from April 1st, 2019.

Speaking on the shareholders approval, Chief Executive Officer of Access Bank, Herbert Wigwe, said: “I’m delighted that the shareholders of both companies share our vision and have supported this merger. The merger is about bringing together our complementary retail and corporate banking capabilities to create one of Nigeria’s leading Tier 1 banks. This accelerates our strategy of becoming a leading bank in Nigeria and Africa’s Gateway to the World. This combination will create the largest retail bank in Africa by customer base and a very significant player in the Nigerian market – thereby creating more opportunities for our customers, colleagues and shareholders.”

A further joint update by Wigwe and Dozie stated: “We’redelightedthatshaieholdersofbothcompaniessupportedthemerger.Itistestamenttowhatwehavesaidbefore:togetherwearestrongeratldcanoffermoreopportunitiesforouremployees,moreproductsandservicesforyou,ourcustomersandmorebenefitsforallourstakeholders.Thisapprovalputsusastep closer to becoming a bigger,  better and stronger Access Bank, one of Africa’s largest banks by number of customers

Our team of experts have been busy working in the background and is making good progress to create a brand that is a fusion of Access Bank and Diamond Bank. This new brand will reflect both banks’ shared purpose to help people achieve their dreams and, in doing so, for Africa to take its place on the world stage”