November 12, 2018

Access, Diamond Bank deny alleged merger & acquisition talks

Access, Diamond Bank deny alleged merger & acquisition talks

Access Bank Wigwe

The Management of both Access Bank Plc and Diamond Bank Plc have debunked reports in some major daily newspapers of plans by the former to acquire the later.

In a statement earlier today Access Bank said that it is not in any discussion with Diamond Bank for acquisition.

Access Bank Wigwe

The bank’s statement, signed by the Company Secretary, Sunday Ekwochi, said, ‘‘Our attention has been drawn to a newspaper report relating to Access Bank Plc being engaged in a merger and acquisition talks with Diamond Bank Plc.

‘‘We wish to notify the Nigerian Stock Exchange and the general public that the bank has not entered into any such discussion with Diamond Bank or any other institution.
‘‘As a publicly quoted company built on best practice, the bank is fully cognizant of its disclosure obligations in respect of any such corporate action and will always discharge its obligations in the most professional manner.

‘‘Consequently, any such statement regarding any such corporate action that is not issued by the bank should be disregarded’’.

In a similar manner, Diamond Bank through its Head of Media, Mr Ezechimere Anyanwu, stated: ‘‘The attention of Diamond Bank Plc has been drawn to the rumor in the media stating that the Bank is purportedly in discussions with Access Bank Plc to acquire the Bank.

‘‘We wish to state categorically that the Bank is not in discussions with any financial institution at the moment on any form of merger or acquisition.

‘‘We trust that the above clarifies the position of the Bank with regards to the rumor on the various media platforms’’.