Access Bank Plc and Diamond Bank Plc yesterday ended months of speculations over their future when they finally agreed to merge, signing a Memorandum of Agreement, which if approved by the Central Bank of Nigeria (CBN) and the Nigerian Stock Exchange (NSE), would move Access Bank, the principal partner, from number four to number two or number one in the nation’s banking hierarchy, if the current growth trajectory of Access Bank is maintained.
Source revealed that the boards of the two banks met at about 7PM, yesterday and passed the resolutions agreeing to merge subject to regulatory and shareholder approvals.
Source close to the merger revealed emphatically; “The deal is done, what is left is for the Central Bank of Nigeria to stamp its seal of approval.”
The merged entity is expected to trade as Access Bank Plc with Diamond Bank logo subject to approvals.
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