Shareholders of Access Bank Plc and Diamond Bank have approved the merger between both lenders. This was obtained at two Extra Ordinary General Meetings held in Lagos yesterday. The merger between the two entities, could create Nigeria’s largest bank by asset size.
What happens after the merger?
The approval by the shareholders will be taken to court and gazetted, The banks will then approach the Central Bank of Nigeria (CBN) and Securities and Exchange Commission (SEC) for final approval. This is expected to take place within the next 60 days.
Access Bank closed at N6 in yesterday’s trading session on the Nigerian Stock Exchange. Diamond Bank closed at N2.50 in yesterday’s trading session, up 9.7%.