Home / FINANCE / Access Bank Plc acquires Diamond Bank!

Access Bank Plc acquires Diamond Bank!

Information reaching us from a reliable source revealed that Access Bank Plc has finally acquired Diamond Bank Plc.

It was gathered that the official announcement of the transaction will be made in the course of the week by the Central Bank of Nigeria, CBN, according to online news medium,TheCable

The acquisition was midwifed by the CBN in a bid to further consolidate the banking industry, sources informed.

Last week, Diamond Bank announced its decision to drop its international operating licence to focus on national operations following capitalisation issues.

Uzoma Dozie, the bank’s Chief Executive Officer, confirmed the development in a statement released on Friday.

Dozie had said: “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.”

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