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Merger: Diamond Bank Shareholders Set to Receive Consideration - THISDAYLIVE

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Merger: Diamond Bank Shareholders Set to Receive Consideration - THISDAYLIVE via thisdaylive

Shareholders of Diamond Bank Plc will soon receive consideration of cash and shares following the its proposed merger with Access Bank Plc. The bank entered into merger agreement with Access Bank Plc late last year.

Immediately following completion of the merger, Diamond Bank would be absorbed into Access Bank and it will cease to exist under Nigerian law. Also, the current listing of Diamond Bank’s shares on the NSE and the listing of Diamond Bank’s global depositary receipts on the London Stock Exchange will be cancelled, upon the merger becoming effective.

Shareholders of the Diamond Bank had approved the merger early this month. Commenting on the votes by shareholders, Chief Executive Officer of Diamond Bank, Uzoma Dozie, said: “I am happy that the shareholders of Diamond Bank have supported this merger. The merger will bring together the complementary retail and corporate banking capabilities of two of Nigeria’s leading banks, creating Africa’s largest retail bank by customer base and Gateway to the World.

 

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