Access Bank Plc has at long last obtained Diamond Bank Plc. As
per insiders, the official declaration of the exchange will be made over the span of the week by the Central Bank of Nigeria, CBN, as indicated by TheCable.
Another source said affirmed that the arrangement has been fixed, anticipating last endorsement from the administrative body. The procurement was midwifed by the CBN in an offer to additionally merge the saving money industry, sources informed.
Last week, Diamond Bank announced its decision to drop its international operating licence to focus on national operations following capitalisation issues.
Uzoma Dozie, the bank’s Chief Executive Officer, confirmed the development in a statement released on Friday.
Dozie had said: “With this approval, the bank will cease to operate as an international bank. “The re-licensing as a national bank supports Diamond Bank’s objective of streamlining 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 change to national bank status also 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 plunging to 0.61k per unit on November 30, 2018.