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Monday, 17 December 2018

Diamond Bank Plc has finally been acquired by Access Bank Plc

Diamond Bank Plc has finally been acquired by Access Bank Plc
According to our source, the official announcement of the sale will be made this week by the Central Bank of Nigeria, CBN.
Diamond bank 


It is confirmed that the deal has been sealed, and is awaiting final ratification from the regulatory body.
The acquisition was assisted by the CBN in a bid to further unify the banking industry.

Last week, Diamond Bank announced its decision to drop its international operating licence to focus on national operations following financing issues.


The Bank’s Chief Executive Officer Uzoma Dozie, confirmed the evolution in a statement released on Friday.

He said: 

“With this approval, the bank will cease to operate as an internationally, The re-licensing as a national bank supports Diamond Bank’s objective of assigning its operations to focus resources on the significant opportunities in the Nigerian retail banking market, and the economy as a whole. The move follows Diamond Bank’s decision to sell its international operations, which included the disposal of its West African Subsidiary in 2017 and Diamond Bank UK, the sale of which is currently in its final stages.”

The switch from an international bank to a national bank enables the bank to maintain a lower minimum capital requirement of 10 per cent, as against 15 per cent required for international banks.
The bank recorded its worst month on record in November with share down to 0.61k per unit on November 30, 2018.

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