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Diamond Bank Denies Acquisition Talks With Access Bank

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Diamond Bank Plc yesterday denied reports that the bank was in discussions with Access Bank Plc over a possible acquisition.

The bank in a release to the investing public on the Nigerian Stock Exchange (NSE) signed by the bank’s company secretary/legal adviser, Uzoma Uja described as rumour the purported ongoing discussions with Access Bank.

It stated that “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.”

Also, Access Bank Plc has debunked reports in some major daily newspaper on plans to acquire Diamond Bank.  In a statement by the bank, it noted that it has not entered into any discussion with Diamond Bank.

Recently, Diamond Bank clarified that “the company has not received an offer from an investor to inject cash. Further to the company’s announcement of October 26, 2018, Diamond Bank and its Board of Directors continue to review all strategic options on a regular basis.

“Diamond Bank would also like to clarify it enjoys the support of its major shareholders, including The Carlyle Group and Kunoch Holdings who are, as ever, working in cooperation with the Board and management as appropriate to ensure the successful operation of its business in Africa’s most dynamic banking market.”

The bank recently announced a share sale and purchase agreement with a member of GFG Alliance for disposal of entire shareholding in its UK subsidiary, Diamond Bank (UK) Plc.

The bank revealed that the sale was in line with the bank’s objective of streamlining its operations and focus its resources on the immense opportunities in Nigeria’s retail banking market. It had earlier announced its divestment from the West Africa business, Diamond Bank S.A. for 61 million Euros to Manzi Finances S.A in November 2017.



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