If you have been following the news, you must be aware of Access bank intention to purchase one of Nigeria's biggest retail banker, Diamond bank. At first though, you might have think that of a total absorption of Diamond bank similar to what happened to Skye bank.

If you have this in mind, then it is time to rethink as a press conference held yesterday and reported by News Agency of Nigeria has revealed that the retail bank will remain in operation despite ongoing plans to purchase it.

According to the press briefing, Access bank has successfully conclude the second phase of approval to acquire Diamond bank, the Security and Exchange Commission and Central Bank of Nigeria had Approval by Principle to the bank. The first stag, Mr Mr Victor Etuokwu, Access Bank Executive Director, Personal Banking, called it Pre-order approval which Access bank had consent on already.

The third approval will be given to the bank only after there is a shareholder meeting whose minute must be taken to the court for approval. Etuokwu said that the shareholder meeting will be convene in February and after court approval, the third approval from SEC and CBN will take place in 60 days.

Regarding staff retrenchment, Mr Etuokwu said that there will be a staff retraining to ovoid roles overlapping.

While Diamond bank will remain in business as a separate legal entity, the ATM of both banks will be integrated so that customers can use any of the bank's ATM machine at no extra charges, says Mr Robert Giles, of Diamond Bank.

Access bank shares went up from 5.30 Naira per share in 10th of January 2019 to 5.80 Naira per share on Tuesday 15th of January. Diamond bank share price move up from 1.99 Naira per share to 2.08 Naira per share on the same dates. Read the full news here...

https://nairawired.com.ng/2019/01/year-in-reveiw-paylater-paid-out-13-billion-naira-loans-2018.html

techking:

Yes. They did well.