Rumours of a potential merger deal surfaced a few weeks back to the shock of the investing community. However, both banks issued statements denying that any merger talks were ongoing. Despite the denials, people familiar with the transaction inform Nairametrics that the deal was never off the table and had been going on for weeks. Both sides had already facilitated the presence of a due diligence team from one of the big three audit firms.

According to a source, a board meeting was held over the weekend approving the merger terms after weeks of negotiations surrounding several aspects of the transaction. Both banks are now expected to formally seek a shareholder agreement before applying for the approval of the CBN and Securities & Exchange Commission.

Source: https://www.oganews.com/2018/12/17/deal-access-bank-merge-diamond-bank-form-nigerias-largest-bank/