In exclusive news, it was announced in December 2018 that Access Bank of Nigeria would acquire Diamond Bank. The Central Bank of Nigeria (CBN) has approved the acquisition as the industry consolidates. This banking industry news unleashes as a major surprise to many analysts as Diamond Bank has previously been touted as a more successful bank than Access Bank.
Top 3 Reasons Why Access Bank Of Nigeria Has Been Approved To Acquire Diamond Bank:
- Diamond Bank will be unable to payback the debt of $200 million by May 2019 as mandated by CBN. Popular Read: Top 3 Decisions Mandated By CBN To Save Diamond Bank In 2018.
- The industry is experiencing very turbulent times. Read: Zenith Bank Unable To Recoup $100 Million From Billionaire Kase Lawal. At times like this, to protect depositors and the economy, mergers and acquisitions are recommended. Access Bank may likewise be facing financial issues but in acquiring Diamond Bank, CBN is better able to intervene. Read: Top 3 Financial Atrocities That Killed Skye Bank Of Nigeria Now Polaris Bank.
- The acquisition brings Access Bank up the ranks to a top 3 Commercial Bank in Nigeria. Other contenders will be GTBank, Zenith Bank, First Bank and United Bank for Africa.
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