DONE DEAL: Access Bank Gets CBN, SEC’s Approval To Acquire Diamond Bank
The proposed merger
between Access Bank and Diamond have received the required regulatory blessing.
The banks have obtained in principle, approval from the Central Bank of Nigeria, CBN and the Securities and Exchange Commission, SEC on proposed merger plans.
The News Agency of Nigeria, NAN reports that Mr Victor Etuokwu who is Access Bank’s Executive Director, Personal Banking, said that CBN and SEC had granted both banks approval in principle for the merger process.
Etuokwu said that the banks were awaiting the final approval which would be granted after convening shareholders meeting.
“So far, we have gotten approvals up to approval in principle. There are three approvals that we need for this process.
“The first one is the pre-order approval which is like the first approval, the next approval is the approval in principle.
“The final approval comes after approval in principle and it will come after you have convened your shareholders meetings,” Etuokwu said.
He said that the banks would convene shareholders meetings in February, noting that the approval would be taken to court once approved by the shareholders.
Etuokwu said all the processes including final approval would be completed in the next 60 days.
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