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Access Bank, Diamond Bank shareholders approve merger

Shareholders of Access Bank Plc and Diamond Bank Plc on Tuesday unanimously approved the merger of both financial institutions.

The News Agency of Nigeria reports that the shareholders gave the approval at an Extraordinary General Meetings of both banks held in Lagos.

Mr Herbert Wigwe, Access Bank Chief Executive Officer, told the shareholders at the EGM that the merger with Diamond Bank enables Access Bank to acquire a bank with 17 million retail customers and the most viable mobile payment platform.

Wigwe said that the expected revenue and cost synergies were material and promises significant long term value.

Wigwe said the bank, after the merger, would attract more opportunities such as trade finance from international partners.

“With the final merger of both banks and the status of the resulting entity as ‘the largest bank in Africa’s largest economy,’ this greatly bolsters the bank’s brand, opening doors of opportunity both in local and international markets,” he said.

Wigwe said the merger was expected to produce the largest banking group in Africa based on its number of customers with more than 29 million customers.

“The resulting entity which will maintain the brand name Access Bank, but with Diamond Bank colours, will have more than 29 million customers, 13 million of which are mobile customers,” he said.

Wigwe said the bank would be a continental force with presence in 12 countries, 3,100 ATMS and nearly 32, 000 Point of Sale.

“As a continental financial force, it is set to attract more opportunities such as trade finance from international partners seeking multinational lenders with local intelligence,” he said.

He said Diamond bank merging with “Access Bank also means, the former’s customers can enjoy access to the latter’s strong balance sheet, ubiquitous presence and solid operational structure.”

 

– NAN

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About Don Saint

PR Guru / Author / Promoter / Controversial Writer / Hip Hop Artiste / Actor / Human Rights Activist. The First Nigerian Hip Hop Artiste to obtain a Masters Degree (M.A) in Arts ( Religion & Human Relations). The author of one of the most controversial books in Nigeria; "Emancipation from Masturbation". With over 12 Movies and 3 Musical albums since 2003. Former Events Manager at Silverbird’s Rhythm Fm Awka Station till 2010. For more info. Call : 08033239298, 08056381068.

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