Access bank acquires Diamond Bank
The unending speculation surrounding the acquisition of Diamond Bank Plc by Access Bank Plc or a merger between the two banks has finally come to rest as the latter has reportedly acquired the former.
Although the banks have not yet released any official statements to this effect, sources who are privy to the deal say it’s been finalized and the transfer of ownership is pending approval from CBN and NSE.
Diamond Bank CEO, Uzoma Dozie had announced on Friday that the bank will cease its international operation and re-license as a national bank.
“The re-licensing as a national bank supports Diamond Bank’s objective of streamlining its operations to focus resources on the significant opportunities in the Nigerian retail banking market, and the economy as a whole,” he said.
But the acquisition which was initially debunked by Diamond Bank is said to have fallen through after months of record losses and a hefty fine of N250 million leveled against the bank by CBN for allegedly aiding MTN Nigeria to illegally repatriate $8.1 billion without following due process.
There are reports which insinuate that Access Bank acquired only the international operations of Diamond Bank, but reliable sources say the confirmation will be made by the Central Bank of Nigeria (CBN) in the course of the week.
Until then, this is a developing story. More details later…
