ACCESS BANK ACQUIRES DIAMOND BANK
What i don’t really understand is, how does a bank that is barely performing up to per be able to acquire a better functioning bank.
They’ll say diversification but i say illegal deal running underneath.
Same thing happened some years back when the acquired Intercontinental Bank.
Well that’s just my view because i bank with both financial institutions but i might be wrong.
Diamond Bank Statement:
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 Board of Diamond Bank believes 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. Completion of the merger is subject to certain shareholder and regulatory approvals.
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