Access Bank Plc has finally acquired Diamond Bank Plc. According to insiders, the official announcement of the transaction will be made in the course of the week by the Central Bank of Nigeria, CBN, according to TheCable.
Another source said confirmed that the deal has been sealed, awaiting final ratification from the regulatory body. The acquisition was midwifed by the CBN in a bid to further consolidate the banking industry, sources informed.
Last week, Diamond Bank announced its decision to drop its international operating licence to focus on national operations following capitalisation issues. Uzoma Dozie, the bank’s Chief Executive Officer, confirmed the development in a statement released on Friday.
Dozie had said: “With this approval, the bank will cease to operate as an international 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.
The move follows Diamond Bank’s decision to sell its international operations, which included the disposal of its West African Subsidiary in 2017 and Diamond Bank UK, the sale of which is currently in its final stages.”
Diamond Bank Q3 2018 report had showed that the bank was under some financial stress with profit after tax falling from N3.9 billion in 2017 to N1.6 billion.
What will happen to accounts of someone lthat has accounts with the two banks?
Nothing will happen, it’s just like having two accounts in one bank…that’s What i think though
maybe with time, if both accounts are savings, it may be merged but I’m not sure yet
Boss yomi,I have account with both of them,what will happen?
Are they going to merge it
All this bank can be annoying at times
Access bank been looking like not is going on in there but making big moves
Asin eh, still can’t believe they could acquire an institution as diamond bank.
After diamknd bank debunked the claim of the acquisition, it still happened anyways
To me diamond never looked serious…ecobank will follow suit
Never saw this coming
What exactly is happening to most of Nigerian banks??… Skye bank, oceanic bank intercontinental bank, and now diamond Bank…
No wonder sometimes inside the bank will just look like where they doing Naija bet.
not even a merger. full on acquisition. Access Bank are on steroids.
Exactly what’s shocking me, Access get money like that so
This is buharia government nothing good has ever come out of it, not even from banks is so bad that many companies will soon fold up.
its becoming too much these days
They are sort of big in the banking industry now. Maybe its for their good sha.
Access Bank will just be doing as if the dont have anything, But the are doing there moves Underground.
What will happen to diamond yello account holders?
So Access Bank is this strong
Saw this coming though… There are still some banks that will go in that direction, don’t want to name names here…
So, more Access banks or they re going to sell off some building….. Just wondering!
Good for Access Bank
Another sorry case in our Banking sector.