[Nigeria] Access bank shareholders approve merger with Diamond bank
Access Bank Plc has announced the approval of its proposed merger with Diamond Bank Plc by shareholders of the Bank.
At the Court-Ordered Meeting, the Bank’s shareholders overwhelmingly approved the proposed Scheme of Merger by 97.89 per cent of votes cast in favour. The overwhelming endorsement has further paved the way for completion of the merger that will deliver significant benefits to the Bank's stakeholders.
The Central Bank of Nigeria (CBN) and the Securities and Exchange Commission (SEC) have granted their in-principle approvals of the Scheme of Merger. Subject to final regulatory approvals and judicial sanction of the Scheme, the combined business is expected to start operating on April 15, 2019.
Commenting on the votes by shareholders, Herbert Wigwe, Group Managing Director/Chief Executive Officer of Access Bank, said:
“I'm delighted that the shareholders of both companies share our vision and have supported this merger. The merger is about bringing together our complementary retail and corporate banking capabilities to create one of Nigeria’s leading Tier 1 banks. This accelerates our strategy of becoming a leading bank in Nigeria and Africa’s Gateway to the World. This combination will create the largest retail bank in Africa by customer base and a very significant player in the Nigerian market — thereby creating more opportunities for our customers, colleagues and shareholders.”