The Central Bank of Nigeria (CBN) and the Securities and Exchange Commission (SEC), have both granted Access Bank Plc and Diamond Bank Plc the final approval to merge.
Both banks disclosed this in a joint statement that was signed off by Access Bank’s Company Secretary, Mr Sunday Ekwochi.
Recall that a few weeks ago, the shareholders of both banks approved the merger between the lenders, after a series of Extra Ordinary General Meetings held in Lagos.
In an earlier notice to the Nigerian Stock Exchange (NSE), Access Bank disclosed that 97.89% of votes cast were in favour of the transaction. Diamond Bank, on its part, stated that 99.98% of shareholders of the Bank voted in favour of the resolution contained in the merger scheme.
The merger between the two entities is poised to create Sub-Saharan Africa’s largest bank by asset size.
When the highly anticipated merger eventually takes effect by the end of Q1 2019, Diamond Bank Plc and Access Bank Plc would have successfully combined efforts to bring the power of banking to millions of account holders across Nigeria and beyond.
Much emphasis will be on the need for speedy and secured service delivery. Also, the partnership will ensure that customers of both banks continue to experience the best banking experience, with zero disruptions to normal banking services.
Diamond Bank also noted that although there may be some changes in the future, any such changes will be duly communicated to the customers ahead of time.
Diamond Bank Plc and Access Bank Plc unanimously announced late last year that they plan to combine resources in order to create the biggest retail bank in Sub-Saharan Africa.
Following the announcement, the banks proceeded to secure the necessary regulatory approvals and are currently waiting for the due date in order to make the deal official.