Access Bank At Last Procure Diamond Bank

Access Bank At Last Procure Diamond Bank

Diamond Bank Plc at last was procured by Access Bank Plc. As indicated by an insiders, the formal declaration of the exchange will be disclosed over the span of the week by the Central Bank of Nigeria, CBN, as per TheCable.


Further origin affirmed that the arrangement has been secured, anticipating last endorsement from the administrative body. The procurement was made possible by the CBN in an offer to additionally combine the banking industry, sources says. A week ago, Diamond Bank declared its choice to release its worldwide working permit to concentrate on national tasks following capitalisation matters.

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Uzoma Dozie, the bank’s Chief Executive Officer, affirmed the advancement in an announcement discharged on Friday.

Dozie had stated: “With this approval, the bank will cease to operate as an international bank. “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.” The bank recorded its worst month on record in November with share plunging to 0.61k per unit on November 30, 2018.”

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