Access, Diamond Bank Merger Billed For April Fool’s Day
By April 1, if any asks you to come meet him at a Diamond Bank branch, that would be April Fool.
On that day of the “Fools” the supposed merger between Access and Diamond bank will be consummated, and there will officially no longer be an entity called Diamond Bank.
This is even as Access Bank said on Tuesday, that it had received shareholders’ approval to take over Diamond Bank in a $235 million deal that would create Africa’s largest bank by customers.
Access Bank said both banks would operate under the new Access Bank brand from April 1.
Recall that this process started in December 2018, when Access agreed to buy Diamond Bank with cash and shares, creating a bank with 29 million customers, which the two banks have said is more than any other bank in Africa.
The takeover will reduce the number of players in banking in Nigeria, where the top five banks control more than 60% of assets.
Diamond Bank shareholders also approved the takeover on Tuesday.
“Following receipt of ... regulatory approvals, the merger between Access Bank and Diamond Bank will proceed as planned. At this stage we expect to launch the new enlarged Access brand ... on April 1st,” the banks said in a statement.
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