Diamond Bank shareholders ask Board to involve them in the merger process with Access Bank

Mixed feelings greet the merger deal from Diamond Bank shareholders.

Diamond Bank office used to illustrate the story
  • Shareholders of Nigeria's mid-lender, Diamond Bank Plc express mixed reactions to the merger and acquisition deal by Access Bank.
  • Diamond Bank and Access Bank confirm the merger and acquisition deal in corporate filings on Monday.
  • Uzoma Dozie, CEO of Diamond Bank, says the process will create Nigeria's largest bank by asset.

Shareholders of Nigeria's mid-lender, Diamond Bank Plc on Monday, called for inclusion in the decision making process towards finalisation of the merger deal with Access Bank.

Diamond Bank and Access Bank confirmed merger and acquisition deal in corporate filings on Monday, December 17, 2018, in a move that will see Access Bank as Nigeria's largest bank.

The announcement was greeted by mixed feelings from the shareholders, News Agency of Nigeria reports.

Sunny Nwosu, founder, Independent Shareholders Association of Nigeria, expressed confidence that the development will benefit the shareholders.

“I am happy about such an arrangement because it is good for the shareholders.

“It is not an issue of bridge bank where they fizzle out the minority shareholders, ”News Agency of Nigeria quoted Nwosu as saying in Lagos on Monday.

Moses Igbrude, ISAN Publicity Secretary, said the bank should ensure that all the stakeholders were carried along to avoid litigation.

In a statement issued by Uzoma Uja, Diamond Bank's Secretary/Legal Adviser, on Monday, December 17, 2018, said the board believed that the merger is in the best interest of all stakeholders including, employees, customers, depositors and shareholders and has agreed to recommend the offer to Diamond Bank’s shareholders.

Confirming the merger and acquisition process with Nigeria's tier-1 bank, Access Bank Plc, Uzoma Dozie, CEO of Diamond Bank, said the process will create one of Africa's leading financial institutions and Nigeria's largest bank by asset.

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