Diamond Bank has officially confirmed the merger with with Access Bank Plc as they explain the plan for the betterment of their customers.
This confirmation was made in a statement to okay News by the Head, Corporate Communications of Diamond Bank, Chioma Afe on Monday.
The statement reads;
”The Board of Diamond Bank Plc (“Diamond Bank”) today announces that following a strategic review leading to a competitive process, the Board has selected Access Bank Plc (“Access Bank”) as the preferred bidder with respect to a potential merger of the two banks (“the merger”) that will create Nigeria and Africa’s largest retail bank by customers,” the statement said.
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The Chief Executive Officer of Diamond Bank, Uzoma Dozie, said: “The proposed combination with Access Bank will create one of Africa’s leading financial institutions.
“There is clear strategic rationale for the proposed merger and strong complementarities between the two institutions.
“While Diamond Bank has pioneered Nigeria’s largest technology-led retail banking platform, Access Bank is one of Nigeria’s leading full-service commercial banks.
“Consolidation in the Nigerian banking industry is an inevitable, natural progression in a sector where the gap between Tier 1 and Tier 2 banks has been widening and scale has become critical; where technology will disrupt the traditional business model while enabling broader financial inclusion.
“The board of Diamond Bank believes that the proposed combination of the two operations provides an exciting prospect for all stakeholders in both businesses and will create a financial institution with the scale, strength and expertise to capitalise on the significant opportunities in Nigeria and sub-Saharan Africa more broadly.”
