Diamond Bank Plc shares have been placed on full suspension
by the Nigerian Stock Exchange (NSE), with effect from today, March 20th, 2019.
According to the Nigerian Stock Exchange, the suspension of
Diamond Bank’s shares follows a court sanction of the Scheme of Merger between
the bank and Access Bank Plc.
More reasons for the suspension- The suspension, according
to The Exchange, is required to prevent trading in the shares of the Diamond
Bank in order to determine the Bank’s shareholders who will qualify to receive
the Scheme consideration.
Diamond Bank obtained the court sanction of the Scheme on
Tuesday, 19 March 2019, being the effective date for the scheme.
As we reported earlier, the merger process was near its
concluding stage last week, after the Central Bank of Nigeria (CBN) and the
Securities and Exchange Commission (SEC) both granted the banks final approval to merge.
The shareholders of the banks earlier approved the merger
between the lenders, after a series of Extra Ordinary General Meetings that
held in Lagos.
Both banks are poised to offer the best banking experience
in Africa
When the highly anticipated merger eventually takes effect
by the end of Q1 2019, Diamond Bank Plc and Access Bank Plc would have
successfully combined efforts to bring the power of banking to millions of account
holders across Nigeria and beyond. Much emphasis will be on the need for speedy
and secured service delivery. Also, the partnership will ensure that customers
of both banks continue to experience the best banking experience, with zero
disruptions to normal banking services.
Diamond Bank also noted that although there may be some
changes in the future, any such changes will be duly communicated to the
customers ahead of time.
Diamond Bank Plc and Access Bank Plc unanimously announced
late last year, that they plan to combine resources in order to create the
biggest retail bank in Sub-Saharan Africa.
Following the announcement, the banks proceeded to secure
the necessary regulatory approvals and are currently waiting for the due date
in order to make the deal official.
