Nigeria: Diamond, Access banks deny merger, acquisition report

Nov 13, 2018

Two commercial banks in the Nigeria, Diamond Bank Plc and Access Bank Plc have denied reports that the two banks are in merger or acquisition talks.

The banks, in seperate statements on Monday, notified the Nigerian Stock Exchange and the general public that the report circulating in some media is false.

According to Company Secretary of Diamond Bank, Mr Uzoma Uja, the bank was not in discussion with any financial institution at the moment on any form of merger or acquisition.

Uja, who, in the statement noted the attention of Diamond Bank had been drawn to the rumour in the media stating that the bank was purportedly in discussion with Access Bank to acquire the bank said: “We wish to state categorically that the bank is not in discussion with any financial institution at the moment on any form of merger or acquisition.

“We trust that the above clarifies the position of the bank with regards to the rumour on the various media platforms,” Uja said.

The Company Secretary of Access Bank, Mr Sunday Ekwuochi, in his own statement, said the bank had not entered into any such discussion with Diamond Bank or any other institution.

“As a publicly quoted company built on best practice, the bank is fully cognisant of its disclosure obligations in respect of any such corporate action and will always discharge its obligations in the most professional manner.

“Consequently, any statement regarding any such corporate action that is not issued by the bank should be disregarded,” Ekwuochi said.

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