The Central Bank of Nigeria (CBN)
has approved the proposed merger between Access Bank and Diamond Bank.
In a letter dated December 17,
2018, and addressed to the managing director of Access Bank, the apex bank
directed that they get other necessary regulatory approvals for the merger.
“The CBN, in an apparent response
to an application for pre-merger by Access Bank stated, “We refer to your
letter dated December 17, 2018 on the above subject (application for
pre-merger) and write to inform you that the Central Bank of Nigeria has no
objection to your proposed merger with the Diamond Bank Plc,” the letter signed
by Ahmad Abdullahi, director of banking supervision.
“Furthermore, you are required to
obtain other necessary regulatory approvals for the merger.”
TheCable had reported that Access
Bank was in acquisition talks with the Tier 2 bank.
Although the banks had initially
denied the acquisition talks, they confirmed the acquistion on Monday saying
that the acquisition would be in the best interests of all the stakeholders
involved.
In a separate statement released
on Monday, the Securities and Exchange Commission (SEC) said it is awaiting a
formal application on the merger.
“Access Bank and Diamond Bank
have both notified the commission and the general public. It is a notice to
merge, they have not merged yet. SEC is awaiting their application on the
matter,” the statement read.
“The SEC received on Monday,
December 17, 2018, notice of intention by Diamond Bank & Access Bank to
merge. The commission is currently waiting for their formal application.”
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