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Access Bank Finally Acquires Diamond Bank

By Modupe Gbadeyanka

After their initial denials, Access Bank has finally acquired troubled Diamond Bank, TheCable is reporting.

Quoting insiders, TheCable said all accounts with Diamond Bank will remain in the safe hands of the new owners, Access Bank, noting that there should not be any cause for alarm.

It was reported that the acquisition was midwifed by the Central Bank of Nigeria (CBN), the regulatory agency for the banking industry in the country in a bid to further consolidate the sector.

Official announcement of the transaction is expected to be made public in the course of the week.

In the announcement, Business Post learned, shareholders of Diamond Bank would be informed what would become of their shares of the tier-2 financial institution.

On November 30, 2018, shares of Diamond Bank plunged 61 kobo per unit before rising to over N1 per share some days ago after the lender announced obtaining a national licence from the apex bank.

As at the close of business on Friday, Access Bank traded at N7.45k per share, while Diamond Bank was 92 kobo per unit

Modupe Gbadeyanka is a fast-rising journalist with Business Post Nigeria. Her passion for journalism is amazing. She is willing to learn more with a view to becoming one of the best pen-pushers in Nigeria. Her role models are the duo of CNN's Richard Quest and Christiane Amanpour.

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