Nigeria Stock Exchange Suspends Trading in Diamond Bank Shares

Must Read

FG, States, LGAs share N528.39bn FAAC allocation in Jan 2021

The Federation Account Allocation Committee (FAAC) disbursed the sum of N619.34bn to the three tiers of government in December...

How To Block Your Bank Account And SIM Card In Case Of Emergency

Losing your phone and wallet or having them stolen can be very frustrating. However, in case that happens to...

List of United Bank for Africa (UBA) Sort Codes & Branches (with addresses) in Nigeria

The sort code is a number that usually identifies both the bank and the branch where an account is held. The sort...
- Advertisement -

Trading in the shares of Diamond Bank Plc has been placed on full suspension following the court sanction of the Scheme of Merger with Access Bank Plc.

Nigeria Stock Exchange Suspends Trading in Diamond Bank Shares - Brand Spur

The Nigeria Stock Exchange, in a notification to its dealing members posted on its website on Wednesday, said that the full suspension takes effect from March 20 (today).

“Dealing members are hereby notified that following the court sanction of the Scheme of Merger (Scheme) between Access Bank Plc and Diamond Bank Plc, trading in the shares of Diamond Bank has been placed on full suspension,” it stated.

- Advertisement -

The Exchange said that the suspension was required to prevent trading in the shares of the bank in order to determine shareholders who would qualify to receive the scheme consideration.

It noted that Diamond Bank obtained the court sanction of the scheme on March 19, being the effective date of the scheme.

The NSE stated that the bank’s shareholders passed a resolution approving the merger between Diamond Bank and Access Bank Plc at the court ordered meeting of the bank held on March 5.

The News Agency of Nigeria reports that the Exchange will remove Diamond Bank from the daily official list at the exchange after the merger.

Read Also:  Lagos Terminates N844bn Fourth Mainland Bridge Concession Agreement
- Advertisement -

The shareholders of Diamond Bank and Access Bank at an Extraordinary General Meetings of both banks gave approval for the merger.

Access Bank Chief Executive Officer, Mr. Herbert Wigwe, told shareholders at the EGM that the merger enabled Access Bank to acquire a bank with 17 million retail customers and the most viable mobile payment platform.

Wigwe said that the expected revenue and cost synergies were material and promised significant long term value.

He said the bank, after the merger, would attract more opportunities such as trade finance from international partners.

- Advertisement -

“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.”

Read Also:  Lagos Terminates N844bn Fourth Mainland Bridge Concession Agreement

He said the merger was expected to produce the largest banking group in Africa based on its number of customers with more than 29 million customers.

“The resulting entity which will maintain the brand name Access Bank, but with Diamond Bank colors, will have more than 29 million customers, 13 million of whom are mobile customers.”

- Advertisement -
Nigeria Stock Exchange Suspends Trading in Diamond Bank Shares - Brand SpurNigeria Stock Exchange Suspends Trading in Diamond Bank Shares - Brand Spur

Subscribe to BrandSpur Ng

Subscribe for latest updates. Signup to best of brands and business news, informed analysis and opinions among others that can propel you, your business or brand to greater heights.

- Advertisement -

LEAVE A REPLY

Please enter your comment!
Please enter your name here

This site uses Akismet to reduce spam. Learn how your comment data is processed.

Nigeria Stock Exchange Suspends Trading in Diamond Bank Shares - Brand SpurNigeria Stock Exchange Suspends Trading in Diamond Bank Shares - Brand Spur

Latest News

World Press Trends Outlook: Digital Transformation In The Driver’s Seat

One of the many silver linings of the pandemic for publishers has been the ability of their organizations to...
- Advertisement -
BrandsPur Weekly Cartoons
- Advertisement -Nigeria Stock Exchange Suspends Trading in Diamond Bank Shares - Brand SpurNigeria Stock Exchange Suspends Trading in Diamond Bank Shares - Brand Spur