Court seals Access Bank, Diamond Bank merger
The Federal High Court has sanctioned the approved scheme of merger between Access Bank Plc and Diamond Bank Plc, the final seal that effectively brings the merger of the two commercial banks into effect.
The Nation had on Monday reported that financial regulatory authorities had given final approvals to the scheme of merger, paving the way for submission to a Federal High Court for the final court sanction. The NSE explained that the full suspension on Diamond Bank, which took effect yesterday March 20, 2019, was sequel to the court sanction, which brought the business combination into effect on Tuesday March 19, 2019.
Directors and management of the banks said the merger will create significant values for all stakeholders, underlining the inherent synergies and value accretion in the business combination. Group Managing Director, Access Bank Plc, Mr Herbert Wigwe, said the two banks share several common values and technologies that make the business combination a seamless one.
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