Diamond Bank confirms merger with Access Bank

The Board of Diamond Bank Plc on Monday finally announced its merger with Access Bank Plc.

The merger is expected to be completed in the first half of 2019.

The News Agency of Nigeria reports that both banks recently denied media reports of any merger.

The bank’s Chief Executive Officer, Mr. Uzoma Dozie, said in Lagos that the Board had selected Access Bank as the preferred bidder with respect to a potential merger of both banks.

Dozie said the potential merger of the two banks would create Nigeria and Africa’s largest retail bank by customers.

He added that the transaction to be completed in the first half of 2019 was in the best interest of all stakeholders.