CBN, SEC grant final approval for Access Bank, Diamond Bank merger scheme

A view of the Diamond Bank is seen along the Lekki-Epe Expressway in Lekki, Lagos, Nigeria September 12, 2017. Picture taken September 12, 2017. REUTERS/Akintunde Akinleye

The deal will be completed by the end of March 2019.

The Central Bank Of Nigeria (CBN) and the Securities and Exchange Commission (SEC) on Friday, granted final approval to the proposed merger between Access Bank and Diamond Bank Plc.

The two financial lenders made this known in corporate updates posted on the Nigerian Stock Exchange (NSE) over the weekend.

Diamond Bank Plc (“the Bank’’) is pleased to announce that the Bank has received the final approval of both the Central Bank of Nigeria and the Securities and Exchange Commission to the proposed Scheme of Merger (‘the Scheme’) between the Bank and Access Bank Plc.

A view of the Diamond Bank is seen along the Lekki-Epe Expressway in Lekki, Lagos, Nigeria September 12, 2017. Picture taken September 12, 2017. REUTERS/Akintunde Akinleye

 

The Scheme is subject to the judicial sanction of the Federal High Court. We will provide further update to the market upon receipt of the court sanction of the Scheme.” Two weeks ago, shareholders of both banks approved the merger deal and at an extraordinary meeting held in Lagos. The meeting was the outcome of a Federal High Court order on the two financial institutions following the merger plan.

To complete the merging process, the two lenders will be awaiting final court sanction yo formalise the legal process of creating Nigeria’s largest bank by asset.

Last December, Access Bank Plc and Diamond Bank Plc announced plans to merge and the deal is expected to be completed by the end of March 2019.

Comments

comments