Access Bank/ Diamond Bank not merged yet – SEC

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Access Bank/ Diamond Bank not merged yet – SEC: Following the confirmation of merger by the boards of Diamond and Access banks, the Securities and Exchange Commission (SEC) has stated that although it is aware of the intention of both banks to go into a merger, both banks have not merged yet.

The nation’s apex Capital Market regulator explained that the process is not yet completed, even as it awaits their application on the matter.

The SEC in a statement said: “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, Dec 17 2018, notice of intention by Diamond Bank & Access Bank to merge. The Commission is currently waiting for their formal Application”.

It is important to note that the completion of the merger is subject to certain shareholder and regulatory approvals. It is however expected to be completed in first half of 2019.

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