Nigeria's central bank gives Access Bank and Diamond Bank go-ahead to merge

The CBN says it has no objection to the proposed Diamond Bank Plc and Access Bank Plc merger.

Godwin Emefiele, CBN governor
  1. Nigeria's central bank approves Diamond Bank and Access merger plan.
  2. The apex bank says both parties should obtain other necessary regulatory approvals for the merger.
  3. The transaction is expected to be completed in the first half of 2019.

Nigeria's central bank has approved the merger and acquisition plan by two lenders, Access Bank and Diamond Bank.

Ahmad Abdullahi, CBN's Director of Banking Supervision, gave the go-ahead in a letter dated Monday, December 17, 2018, and addressed to the Managing Director of Access Bank, Herbert Wigwe over the proposed merger talks.

According to the letter, the apex bank directed both parties to get other necessary regulatory approvals.

Abdullahi said, “the CBN, in an apparent response to an application for pre-merger by Access Bank stated, “We refer to your letter dated December 17, 2018, on the above subject (application for pre-merger) and write to inform you that the Central Bank of Nigeria has no objection to your proposed merger with the Diamond Bank Plc.

“Furthermore, you are required to obtain other necessary regulatory approvals for the merger.

Confirming the deal on Monday, Access Bank Plc, says it will involve acquiring the entire issued share capital of Diamond Bank in exchange for a combination of cash and shares in Access Bank via a Scheme of Merger.

The transaction is expected to be completed in the first half of 2019 and may make Access Bank, Nigeria's largest bank by customer size and capital base. 

JOIN OUR PULSE COMMUNITY!

Unblock notifications in browser settings.

Eyewitness? Submit your stories now via social or:

Email: eyewitness@pulse.ng

Recommended articles

Inside the most expensive school in Ghana where kindergarten costs GHc176K a year

Inside the most expensive school in Ghana where kindergarten costs GHc176K a year

Wizkid and Tems among winners at 2022 BET Awards: See the complete list of winners

Wizkid and Tems among winners at 2022 BET Awards: See the complete list of winners

Wizkid records historic win at the 2022 BET Awards

Wizkid records historic win at the 2022 BET Awards

Justice Tanko Muhammad resigns as CJN

Justice Tanko Muhammad resigns as CJN

Top 10 African countries with the most expensive gas prices in 2022

Top 10 African countries with the most expensive gas prices in 2022

'90+34 mins?' - Nigerians react as controversial NPFL game between Katsina United, Remo end 3-2

'90+34 mins?' - Nigerians react as controversial NPFL game between Katsina United, Remo end 3-2

5 things you should never do to please a woman

5 things you should never do to please a woman

When and where to watch Super Eagles of Nigeria vs São Tomé and Príncipe

When and where to watch Super Eagles of Nigeria vs São Tomé and Príncipe

Pulse List: 5 celebrity relationships that never made it to the altar

Pulse List: 5 celebrity relationships that never made it to the altar