News

Breaking: Access Bank acquires Diamond Bank

Access Bank has acquired Diamond Bank. 

According to a report by TheCable, the official announcement of the acquisition would be made by the Central Bank of Nigeria in the week ahead.

Recall that Diamond Bank had, last week, announced that it had dropped its international operating licence to focus on national operations.

Its chief executive officer, Uzoma Dozie, had said that, “With this approval, the bank will cease to operate as an international bank.

“The re-licensing as a national bank supports Diamond Bank’s objective of streamlining its operations to focus resources on the significant opportunities in the Nigerian retail banking market, and the economy as a whole.

“The move follows Diamond Bank’s decision to sell its international operations, which included the disposal of its West African Subsidiary in 2017 and Diamond Bank UK, the sale of which is currently in its final stages.

“The change to national bank status also enables the bank to maintain a lower minimum capital requirement of 10 per cent, as against 15 per cent required for international banks.”

Credit: Vanguard

Related Posts

  1. The of the news isn’t showing the how it relates to how they (Access bank) purchased Diamond bank and then would that change anything in the banking process for customers?

Leave a Reply