The shareholders of Diamond Bank Plc has approved its merger with Access Bank Plc
According to its Company Secretary/Legal Adviser, Uzo Uja, 99.98 per cent of the shareholders voted in favour of the resolution contained in the Scheme of Merger.
The Central Bank of Nigeria (CBN) and the Securities Exchange Commission (SEC) had earlier granted approvals-in-principle for the respective schemes of merger of both banks. Subject to final regulatory approvals, including the High Court Sanction of the Scheme, the combined business will start operating on April 1, 2019.
Commenting on the development, Uzoma Dozie, the bank’s Chief Executive Officer said:
“I’m happy that the shareholders of Diamond bank have supported this merger. The merger will bring together the complementary retail and corporate banking capabilities of two of Nigeria’s leading banks; creating Africa’s largest retail bank by customer base and gateway to the world.
In addition, the combined entity is poised to deliver more opportunities to customers and shareholders, leveraging on shared; yet distinct competencies.”