In a statement access bank saying following the recent approval of the merger by the Federal High Court of Nigeria and relevant stakeholders; Access Bank and Diamond Bank are now legally operating as one entity under the Access Bank name as from April first 2019.
“Although you will only start seeing the visual signs of our union from April 1st, 2019, we wanted to update you on how this merger provides more opportunities for you, our customers.
What Will Change
• More access to banking, with more than 600 branches across Nigeria
• More support for your international trade, with an expanded footprint in 12 countries across three confinements.
•More offers with revamped and new financial products and services to help your business grow
•A new brand that fuses Access Bank and former Diamond Bank
What Does Not Change
• Your Bank Accounts Numbers
•Existing cheque books and cards
•The robust and efficient mobile banking and corporate online banking platforms for your daily needs with 24/7 digital support.
• Your customer relationship manager, who understands your business requirements
• Our pledge to put you, our customers, at the forefront of everything we do.
We thank you for your continued support. For further information please visit www.growingaccess.com
Access Bank as from the April first will takes over all Diamond bank assets and liability through merger which will see diamond bank name and logo disappear from banking industry operation in Nigeria henceforth. The Access bank headquarters located at 999c, Danmole Street, Off Idejo Street, Off Adeola Odeku Street, Victoria Island, Lagos will be the head office of diamond staffers including the their chief operating officer.
The Uzoma Dozie, the Chief Executive Officer of defunct Diamond bank plc will henceforth be reporting to the Access Bank CEO and at 999c Danmole street off Idejo street going forward.
A foremost shareholder activist, Mr. Sunny Nwosu, said the acquisition of the bank is a welcome development.
Nwosu, the immediate National Coordinator, Independent Shareholders Association of Nigeria (ISAN), said: “I am happy about the arrangement. I just addressed some shareholders on it today and they are happy with the arrangement of seven shares of Diamond Bank for two shares of Access Bank.
“We are happy. This is much better than any arrangement by NDIC of a bridge bank. With seven to two, you still have some little things to scoop and the one naira special dividend in the icing on the cake”.
He, however, advised that Access Bank and Diamond Bank should call an emergency general meeting where they will seek the approval of shareholders for the ratification.
Nigeria has so many banks today, with the Central Bank of Nigeria (CBN) being the apex bank or the Bank of Bankers. The CBN monitors, controls and/regulates and finances the activities of other banks and other financial institutions in Nigeria.
Today, there are about 25 strong and viable banks operational in Nigeria. This is unconnected to the CBN’s directive that Nigerian banks which had no solid financial backbone should be struck out. Of course, the aftermath was the merger of banks few years ago.
There are different types of banks in Nigeria. While some are licensed commercial banks for national operations, others too have been licensed by the CBN to run commercial banking services with international authorization.
That aside, we also have banks which have commercial banking license from the CBN to operate with regional authorization. The only bank in Nigeria licensed by the CBN, having non-interest banking license with national authorization is Jaiz bank.
Some banks also have merchant banking license with national authorization, even as we also have financial holding companies in Nigeria operating as financial institutions.
Johnson Chukwu, Managing Director, Cowry Asset Management Limited, sees the acquisition in two lights. He sees it as positive and negative.
“The concerns of the bank’s solvency have been addressed by this acquisition. So, it has also mitigated the risk of any bank crisis or a bridge bank.
“Secondly, it will also boost the wealth of shareholders.
“On the negative, the acquisition will reduce available banking services options to the banking public because there will never be Diamond Bank again as it is signing off with this acquisition.
“There will be loss of jobs, especially among senior staff. It might be difficult for Access Bank to absorb the top management of Diamond Bank into the system.”