Access Bank moves to buy Diamond Bank

Diamond Bank Headquarters Photo: Business News
Diamond Bank Headquarters Photo: Business News

Leaders of Access Bank and Diamond Bank will on Monday meet with the Central Bank of Nigeria (CBN) leadership on a possible acquisition deal, Channels Television reports.

Diamond Bank is currently troubled after one of its foreign investors pulled out. The bank also secured a national license and closed its international operations.

The new deal, if approved by regulators, would see Access Bank acquire Diamond Bank.

Such a deal would also have to be approved by the Nigerian Stock Exchange and other regulators.

Access Bank bought the then Intercontinental Bank after the 2009-2010 intervention in the latter by the CBN then led by Lamido Sanusi, the current Emir of Kano.

Details later….

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