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Mixed reactions trail Diamond Bank acquisition as shareholders demand probe

Mixed reactions trail Diamond Bank acquisition as shareholders demand probe

A myriad of opinions and assertions have continued to pour in after Diamond Bank announced that it has been acquired by Access Bank through a merger scheme on Monday.

The acquisition which is expected to be concluded by mid 2019 when all parties involved have reached a uniform agreement, is estimated to be sealed with an offer of N23.160 billion.

The shareholders of Diamond Bank have demanded that an investigation should be conducted to look into the circumstances surrounding the merger and to also explain how the proposed N1 per share in the acquisition term was arrived at.

However, a lot of people have commended the management of the bank for being swift in responding to the dwindling fortunes of the financial institution and for merging it with a strong bank that can absorb its failings and build on its strength.

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This praise is mostly hinged on the lessons learned from the previous demise of Skye Bank which had been incurring losses over a stretch of time just like Diamond Bank. The turbulence in the banking sector has become severe amid failing economy and compounding bad debts that an unarticulated misstep can bring the whole pack crumbling down.

Although Skye Bank has since rebranded as Polaris Bank, many people believe that the bank is now living in the shadow of death.

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