Wednesday, March 06, 2019 8.00PM / Diamond Bank Press
Diamond Bank Plc (“Diamond Bank”) today announced the approval of its shareholders for the merger with Access Bank Plc (“Access Bank”). 99.98% of shareholders of the Bank voted in favour of the resolution contained in the Scheme of Merger.
The Central Bank of Nigeria (CBN) and the Securities Exchange Commission (SEC) had earlier, granted Approvals-in-Principle for the respective Schemes of Merger of both banks. Subject to final regulatory approvals, including the High Court Sanction of the Scheme, the combined business will start operating on April 1st, 2019.
Commenting on the votes by shareholders, Uzoma Dozie, Chief Executive Officer of Diamond Bank, said:
“I’m happy that the shareholders of Diamond bank have supported this merger. The merger will bring together the complementary retail and corporate banking capabilities of two of Nigeria’s leading banks; creating Africa’s largest retail bank by customer base and Gateway to the World.
In addition, the combined entity is poised to deliver more opportunities to customers and shareholders, leveraging on shared; yet distinct competencies.