Diamond Bank and Access Bank agreed to a N23bn merger.

Diamond Bank and Access Bank, two Nigerian multinational commercial banks agreed to a N23bn merger. Under the terms of the agreement Access Bank will acquire the entire issued share capital of Diamond Bank in exchange for a combination of cash and shares. The offer represents a premium of 260% to the closing market price of N0.87 per share of Diamond Bank on the Nigerian Stock Exchange as of December 13, 2018. With the new merger, both banks hope to leverage on their distinct potentials to build a stronger bank. Access Bank boss, Herbert Wigwe, said both banks have complementary operations and similar values, and a merger with Diamond Bank, with its leadership in digital and mobile-led retail banking, could accelerate Access’ strategy as a significant corporate and retail bank in Nigeria and a Pan-African financial services champion.