SEC Awaits Access Bank, Diamond Bank Merger Application

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By Dipo Olowookere

The Securities and Exchange Commission (SEC) on Monday said it was yet to receive a formal application from both Diamond Bank and Access Bank on their intention to become an entity.

Yesterday, the two financial institutions trading their shares on the floor of the Nigerian Stock Exchange (NSE) confirmed the merger talks.

“The proposed merger would involve Access Bank acquiring the entire issued share capital of Diamond Bank in exchange for a combination of cash and shares in Access Bank via a Scheme of Merger.

“Based on the agreement reached by the boards of the two financial institutions, Diamond Bank shareholders will receive a consideration of N3.13 per share, comprising of N1.00 per share in cash and the allotment of two new Access Bank ordinary shares for every 7 Diamond Bank ordinary shares held as at the Implementation date,” a statement from Diamond Bank yesterday said.

Commenting on the issue, SEC, the apex regulatory agency in the capital market, said it has only received from both lenders a notice to merge.

“The Securities and Exchange Commission (SEC) is aware of the intention of Access Bank and Diamond Bank to go into a merger.

“Access Bank and Diamond Bank have both notified the Commission and the general public. It is a notice to merge. They have not merged yet. SEC is awaiting their application on the matter. “The SEC received on Monday, December 17, 2018, notice of intention by Diamond Bank & Access Bank to merge. The Commission is currently waiting for their formal Application,” the statement issued by SEC spokesperson, Efe Ebelo, disclosed.

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