The announced acquisition since the end of 2018 of the Nigerian Diamond Bank Plc bank by Access Bank Plc to be finalized next June, will be finalized by April 1st once it has obtained the approval of the shareholders.
Access Bank chief executive Herbert Wigwe, who made the announcement on Thursday (January 24th), also reported on the cancellation of the $ 75 billion naira capital increase, or $ 207 million earlier. For good reason, Mr Wigwe indicates that it is no longer necessary to respect the minimum capital thresholds of the central bank.
The deal between the two banks has been negotiated at about 200 million USD to pay by the buyer Access. An operation that should eventually move the assets of Access Bank from $ 12.5 billion to about $ 17 billion and position itself ahead of the largest Nigerian bank, Zenith Bank Plc, which totals assets of $ 15.4 billion.
An approval in principle has been granted by the Securities and Exchange Commission and the Central Bank of Nigeria to proceed with the merger. Shareholders will have to vote on March 5.
