Home General News Access Bank Finally Seals Deal With Diamond Bank

Access Bank Finally Seals Deal With Diamond Bank

The official announcement of the transaction will be made in the course of the week by the Central Bank of Nigeria, CBN. TheCable reports.

The acquisition was supervised by the CBN in a bid to further consolidate the banking industry.

Following capitalisation issues, Diamond Bank had last week made public its decision to drop its international operating licence to focus on national operations.
The Bank’s Chief Executive Officer, Uzoma Dozie, confirmed the development in a statement released on Friday.

“With this approval, the bank will cease to operate as an international bank,” Dozie had said.

“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 plummeting to 0.65k per unit.

Anna Thomson
Anna Thomsonhttps://360aproko.com/
Hello World! I'm a content writer, blogger, graphic designer and I love beautiful things. "Life is a journey, sometimes you smell the roses"

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