Shareholders of Diamond Bank Plc and Access Bank Plc on Tuesday gave their nod to the ongoing merger process between the two lending entities in Lagos, at a court ordered meeting.
Following the receipt of the High Court permission, the Security and Exchange Commission and the Central Bank of Nigeria’s regulatory approvals, the merger between Access Bank and Diamond Bank will proceed as planned.
The merger process which will end on March 31, will lead to the emergence of the new enlarged entity on April 1.
“We expect to launch the new enlarged Access brand and officially start operating as one business on April 1st,” the banks said.
A joint statement by the two banks said, “We are delighted that shareholders of both companies supported the merger. It is a testament to what we have said before: together we are stronger and can offer more opportunities for our employees, more products and services for you, our customers, and more benefits for all our stakeholders.
“This approval puts us a step closer to becoming a bigger, better and stronger Access Bank, one of Africa’s largest banks by number of customers.”
During the court ordered meeting, the boards of the two banks said they were strongly of the view that merging the two banks would provide significant opportunities and benefits to customers, members of staff, shareholders, regulators and other stakeholders.
They stated, “The enlarged Access Bank will establish the largest retail bank in Africa by number of customers; the enlarged Access Bank’s breath, scale and product range will further accelerate the financial inclusion agenda both banks have pursued separately.
“The enlarged Access Bank will increase its market reach and customer convenience through an expanded branch network of over 600 branches, complemented by strengthened distribution channels.”
The banks also said that the enlarged Access Bank’s balance sheet size would be equipped with the capacity to provide credit lines to a more diversified client base.
