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Just In: Access Bank Buys Off Diamond Bank (Read Details)


Reports gathered has confirmed that Access Bank has acquired Diamond Bank.

An impeccable source added that the official announcement of the
transaction will made through the Central Bank of Nigeria (CBN) within this week.

CBN had facilitated this in order to further consolidate the banking industry.

In a recent development, Diamond Bank announced its decision to drop its international operating licence to focus on national operations following capitalisation issues just last week.

Uzoma Dozie, the bank’s chief executive officer, confirmed the development in a statement released on Friday.

“With this approval, the bank will cease to operate as an international bank,” Dozie had said.

“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.”

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