Access Bank, Diamond Bank completes final phase of pre-merger process – The business combination of Access Bank Plc and Diamond Bank Plc yesterday completed the pre-merger process following the final seal of approval by Federal High Court (FHC) that effectively brings the merger of the two commercial banks into effect.
FINANCIAL WATCH reported yesterday that the Nigerian Stock Exchange (NSE) yesterday suspended trading on the shares of Diamond Bank Plc, which will be dissolved without being wound up and subsequently delisted from the Exchange.
The court sanction, statutorily the final phase of a pre-merger process, which was filed at the NSE, affirmed all the key headlines of the transactions, which had earlier been approved by shareholders of the two banks, the Central Bank of Nigeria (CBN) and Securities and Exchange Commission (SEC).
The Nation had on Monday reported that financial regulatory authorities had given final approvals to the scheme of merger, paving the way for submission to a Federal High Court for the final court sanction.
Under the terms of the merger, Diamond Bank will transfer all its assets, liabilities and undertakings to Access Bank and the entire issued share capital of Diamond Bank shall be cancelled and Diamond Bank shall be dissolved without being wound up. In exchange, Diamond Bank’s shareholders shall receive a cash consideration of N1 per share and two ordinary shares of the enlarged Access Bank for every seven ordinary shares of Diamond Bank held as at the effective date.
Access Bank will be the post-merger entity while its Group Managing Director, Herbert Wigwe will continue to lead the post-merger management as chief executive. The business combination is expected to leapfrog post-merger Access Bank as Nigeria’s largest bank by total assets and one of Africa’s largest retail banks.
The NSE explained that the full suspension on Diamond Bank, which took effect yesterday March 20, 2019, was sequel to the court sanction, which brought the business combination into effect on Tuesday March 19, 2019.
“The suspension is required to prevent trading in the shares of the bank in order to determine the bank’s shareholders who will qualify to receive the Scheme consideration,” NSE stated.
The NSE noted that the scheme of merger will result in the delisting of Diamond Bank Plc from the Daily Official List of the Exchange.
Directors and management of the banks said the merger will create significant values for all stakeholders, underlining the inherent synergies and value accretion in the business combination.
The business combination is expected to form a leading Tier 1 Nigerian bank and the largest bank in Africa by number of customers, spanning three continents, 12 countries, 3,100 Automated Teller Machine (ATM), more than 33,000 Point of Sales (PoS) terminals, 27 million clients and more than 10 million mobile customers.
Diamond Bank and Access Bank share many of the same areas of focus, including women, youth, entrepreneurs and the financially excluded and will be able to further develop their positioning and market leadership in these growth sectors. Diamond Bank’s corporate customers will also be able to benefit directly from Access Bank’s corporate expertise in trade finance, cash management, treasury and corporate finance.
Group Managing Director, Access Bank Plc, Mr Herbert Wigwe, said the two banks share several common values and technologies that make the business combination a seamless one.
According to him, the merger of the banks will create significant opportunities and benefits to customers, shareholders, staff and other stakeholders.
He noted that the combination of Diamond Bank’s strong retail customer franchise and Access Bank’s proven risk and capital management expertise will create a post-merger bank with strong value creation potential.
He pointed out that while the merger will lead to 19 per cent shareholding dilution, the business combination accelerates Access Bank’s plan to become a leading bank in Nigeria and gateway to Africa.
*GOOD DAY MA/SIR*
Have you had about *LAVITA RICCA INVESTMENT* ? am not talking about MMM or Ponzi SCHEME
lavita is a matrix system which give you DOUBLE of your CAPITAL back in (45 min) after registration
LAVITA PACKAGES
₦10,000——–₦20,000❌❌❌
₦20,000——–₦40,000
₦40,000——–₦80,000
₦50,000——–₦100,000
₦100,000——₦200,000
₦200,000——₦400,000
₦400,000——₦800,000
₦800,000——₦1,600,000
₦1,000,000—₦2,000,000
NOTE: we credit your account after 45min after registeration.
INTRODUCTION
Lavita Ricca International is a company duely registered under the Coporate Affairs Commission of Nigeria and certified fraud free to do business in Nigeria by the Economic Financial Crimes Commission (EFCC). This is a Nigerian network marketing company founded by Mr. Ifeanyi Alex Monye with it’s Head Quarter’s. The company takes pride in the fact that it stands out amongst other network marketing companies. It has the best compensation plan, affordable and effective services, systems that keeps her customers coming back for more. When you join this company, you get more than their outstanding services.
CONTACT NAME:- ELIZABETH TINA
HOT LINE:+2349036369810
ITS SIMPLE HERE !!!!!!!
We trade with hard currency here like bit coin we make 3tripple of your donation and send you you two part and we benefit one part Example if you invest with 20k within 45mins we make profit of 60k then send 40k to you then profit 20k. This is not mmm where they merge people to donate for each other
You pay directly to us and we credit you directly.
https://api.whatsapp.com/send?phone=2349036369810&text=Am_in_interested_in_lavita_ricca_investment_how_do_i_register
Note:you get credited in less than 45mins.
CHAT US-UP IF INTEREST FILL YOUR FORM AND START EARNING
NOTE: You can finish reading this and decide not to take the necessary actions, but the next time you want to complain about not having money, just know that you are on your own problem. ? ? ?