Diamond Bank in a
statement sent to all customers says “the merger is in the best
interest of all stakeholders - customers, shareholders and employees - and has
agreed to recommend the offer to Diamond Bank’s shareholders. The completion of
the merger is subject to certain shareholder and regulatory approvals.”
The bank adds that “Access
Bank as the preferred bidder with respect to a potential merger of the two
banks that will create Nigeria and Africa’s largest retail bank by customers.”
The statement which was equally published on the bank’s official social media
page attracted mixed reactions from the public, especially customers.
Ninety-four
personal issues and 26 collective issues were found from 100 people. Withdrawals, closing of
accounts and fear of losing money were discovered as dominant personal issues
occupying Nigerians’ minds, while mismanagement and poor leadership were found
as collective issues.
Report
has it that the Securities and Exchange Commission (SEC) has been notified of
the proposed merger. “The
SEC received on Monday, Dec 17 2018, notice of intention by Diamond Bank and
Access Bank to merge. The Commission is currently waiting for their formal
application,” SEC stated.
As Diamond Bank expects the
transaction to complete in the first half of 2019, “under extant rules, mergers and acquisitions
must be approved by the SEC to kick-start the formal process of the
transaction, following which the parties will approach the Federal High Court
for an order to hold an extraordinary general meeting of their shareholders for
their approvals. The Nigerian Stock Exchange (NSE) will also have to approve
the merger while the Federal High Court must authorise the final approved
merger documents to conclude the transaction.”
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