Access & Diamond Banks Sign Agreement To Merge​

Diamond Bank, one of Nigeria's retail banking champions, had recently faced headwinds with non-performing loans and profitability as it faced challenges with its lending to indigenous oil sector, following the collapse of oil prices.
Access Bank Plc and Diamond Bank Plc yesterday ended months of speculations over their future when they finally agreed to merge, signing a Memorandum of Agreement, which if approved by the Central Bank of Nigeria (CBN) and the Nigerian Stock Exchange (NSE), would move Access Bank, the principal partner, from number four to number two or number one in the nation's banking hierarchy, if the current growth trajectory of Access Bank is maintained.

A reliable source close to the merger said, "The deal is done, what is left is for the Central Bank of Nigeria to stamp its seal of approval."

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