Diamond bank merger news
Here are some recent news updates on the Diamond Bank merger:
Background: Diamond Bank, one of Nigeria's largest banks, announced in August 2018 that it would be merging with Access Bank, another major Nigerian bank. The merger was aimed at creating a stronger, more competitive bank in the Nigerian market.
Latest Updates:
- Merger Completion: The merger between Diamond Bank and Access Bank was completed on April 1, 2019. The new entity, Access Bank, is now one of the largest banks in Nigeria, with over 29 million customers and assets worth over N13 trillion (approximately $35 billion).
- Integration Progress: The integration process has been ongoing since the merger was announced. In a recent update, Access Bank announced that it had completed the integration of Diamond Bank's operations, including the migration of Diamond Bank's customers to Access Bank's platform.
- Job Cuts: As part of the merger, Access Bank announced plans to cut jobs at Diamond Bank. According to reports, over 1,000 employees were affected by the job cuts, which were aimed at reducing costs and improving efficiency.
- Branch Closures: Access Bank also announced plans to close some branches of Diamond Bank, as part of the integration process. The bank said that it would be consolidating its operations to reduce costs and improve efficiency.
- Customer Impact: The merger has had some impact on Diamond Bank customers, who have had to adapt to new systems and processes. However, Access Bank has assured customers that their accounts and services will continue uninterrupted.
- Regulatory Approval: The merger received regulatory approval from the Central Bank of Nigeria (CBN) and the Securities and Exchange Commission (SEC) in Nigeria.
- Shareholder Approval: Shareholders of both banks approved the merger at separate meetings in November 2018.
Key Quotes:
- "The merger is a significant milestone in our journey to create a stronger, more competitive bank in Nigeria." - Herbert Wigwe, Group Managing Director, Access Bank
- "We are committed to ensuring a seamless transition for our customers and employees, and we are confident that the merger will create a stronger, more resilient bank." - Uzoma Dozie, former Managing Director, Diamond Bank
Sources:
- "Access Bank Completes Diamond Bank Merger" - This Day Live
- "Access Bank Completes Integration of Diamond Bank Operations" - BusinessDay
- "Diamond Bank Merger: Access Bank Cuts Over 1,000 Jobs" - Punch Newspapers
- "Access Bank to Close Some Diamond Bank Branches" - Vanguard News
Please note that the information provided is based on publicly available news sources and may not be exhaustive or up-to-date.