EXCLUSIVE: Access Bank acquires Diamond Bank

Access Bank has finally acquired Diamond Bank, TheCable can report.
According to insiders, the official announcement of the transaction will be made in the course of the week by the Central Bank of Nigeria (CBN).

The securing was midwifed by the CBN in an offer to additionally merge the managing an account industry, sources educated TheCable.

A week ago, Diamond Bank reported its choice to drop its universal working permit to concentrate on national tasks following capitalisation issues.

Uzoma Dozie, the bank's CEO, affirmed the improvement in an announcement discharged on Friday.

"With this endorsement, the bank will stop to work as a universal bank," Dozie had said.

"The re-authorizing as a national bank bolsters Diamond Bank's goal of streamlining its tasks to concentrate assets on the critical open doors in the Nigerian retail saving money advertise, and the economy all in all.

"The move pursues Diamond Bank's choice to move its global activities, which incorporated the transfer of its West African Subsidiary in 2017 and Diamond Bank UK, the clearance of which is as of now in its last stages.

"The change to national bank status additionally empowers the bank to keep up a lower least capital necessity of 10 percent, as against 15 percent required for universal banks."

The bank recorded its most noticeably awful month on record in November with offer diving to 0.61k per unit on November 30, 2018.
EXCLUSIVE: Access Bank acquires Diamond Bank EXCLUSIVE: Access Bank acquires Diamond Bank Reviewed by malik salawu on December 17, 2018 Rating: 5

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