Access bank, Diamond bank merger process ends in June

Access Bank Plc said its business combination deal with Diamond Bank Plc will be concluded about two months earlier than initially expected.

The proposed merger, according to Bloomberg, aims to produce Africa’s largest retail lender by customers.

The deal, which was set to close in June, would be completed in the second quarter.

Access Bank’s Chief Executive Officer, Herbert Wigwe said on an investor call that the bank has also cancelled a planned N75 billion rights issue as it is no longer needed to meet the central bank’s minimum capital thresholds.

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