Diamond Bank Plc and Access Bank Plc Agrees to Merge Together

Diamond Bank Plc and Access Bank Plc have agreed to merged together to become a formidable bank. Mr Herbert Wigwe, Access Bank Chief Executive Officer, told the shareholders at the EGM that the merger with Diamond Bank enables Access Bank to acquire a bank with 17 million retail customers and the most viable mobile payment platform.

Wigwe said that the expected revenue and cost synergies were material and promises significant long term value. Further more, Wigwe said the bank, after the merger, would attract more opportunities such as trade finance from international partners.

“With the final merger of both banks and the status of the resulting entity as ‘the largest bank in Africa’s largest economy,’ this greatly bolsters the bank’s brand, opening doors of opportunity both in local and international markets,” he said.

Wigwe said the merger was expected to produce the largest banking group in Africa based on its number of customers with more than 29 million customers.

“The resulting entity which will maintain the brand name Access Bank, but with Diamond Bank colors, will have more than 29 million customers, 13 million of which are mobile customers,” he said. The shareholders gave the approval at an Extraordinary General Meetings (EGMs) of both banks held in Lagos. The two banks have agreed to merge together.

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