Current news on diamond bank merger with access bank

As of my knowledge cutoff in August 2022, Diamond Bank and Access Bank had announced a merger agreement in September 2018, which was subject to regulatory approvals. Here's an update on the current status:

Merger Completion: The merger between Diamond Bank and Access Bank was completed on April 1, 2019. The merged entity, Access Bank, acquired the entire issued share capital of Diamond Bank.

Integration Progress: The integration process has been ongoing since the merger completion. Access Bank has been working to integrate Diamond Bank's operations, systems, and processes into its own. The integration has been largely completed, with some remaining work to be done.

Branch Network: The merged entity, Access Bank, has a combined branch network of over 600 branches across Nigeria. The bank has been rationalizing its branch network, with some branches being consolidated or closed.

Staff Retention: Access Bank has retained most of Diamond Bank's staff, with some employees being absorbed into the merged entity. The bank has also offered voluntary separation packages to some employees who were not retained.

Customer Impact: Customers of Diamond Bank have been migrated to Access Bank's platform, and their accounts have been converted to Access Bank accounts. Customers have been able to access their accounts and conduct transactions as usual.

Regulatory Approvals: The merger received regulatory approvals from the Central Bank of Nigeria (CBN) and the Securities and Exchange Commission (SEC) in Nigeria.

Financial Performance: The merged entity, Access Bank, has reported strong financial performance since the merger. The bank has benefited from the increased scale and resources, which has enabled it to expand its operations and improve its profitability.

Challenges: The integration process has not been without challenges. The bank has faced some operational disruptions, and customers have reported some issues with account conversions and transactions. However, Access Bank has been working to resolve these issues and improve its services.

Overall, the merger between Diamond Bank and Access Bank has created a stronger and more competitive bank in Nigeria, with improved scale, resources, and capabilities.