By Peter Egwuatu

Shareholders of Access Bank Plc and Diamond Bank Plc yesterday endorsed the proposed merger of both institutions at a court ordered meeting.

The shareholders of Access Bank Plc commended the merger while demanding that the Board of Directors should ensure that their value of investment is adequately maximised.

The shareholders who voted in support of the merger pulled 97.89 percent or 14,298,393,943 units of shares, while those against stood at 2.11 percent or 307,122,041 units shares.

The floor of Stock exchange

Some of the shareholders leaders that spoke at the meeting include Mr. Adebayo Adeleke of Independent Shareholders Association of Nigeria (ISAN), Mrs.  Bisi Bakare of the Pragmatic Shareholders Association of Nigeria (PSAN),  and  Muktar Muktar of Trusted Shareholders’ Association of Nigeria (TSAN).

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Speaking, National Co-ordinator, Independent Shareholders Association of Nigeria, Emeritus, Sir Sunny Nwosu, stated: “We support the merger because it is not a regulatory induced merger and the great benefit we would derive in the value of our investment both in the short and long run.”

While explaining the benefit of the  merger, Group Managing Director/CEO, Access Bank, Herbert Wigwe said: “After the merger, we would attract more opportunities such as trade finance from international partners. With the final merger of both banks and the status of the resulting entity as ‘the largest bank in Africa’s largest economy,’ this greatly bolsters the bank’s brand, opening doors of opportunity both in local and international markets”