BY Mayowa Tijani
Herbert Wigwe, CEO of Access Bank, says the bank has a strong acquisition and integration track record.
Speaking to the conclusive acquisition of Diamond Bank, Wigwe said the banks involved have complementary operations that will ensure benefits for customers of Access Bank and Diamond Bank.
“Access Bank has a strong track record of acquisition and integration and has a clear growth strategy,” Wigwe said via joint statement with Diamond Bank on Monday.
“Access Bank and Diamond Bank have complementary operations and similar values, and a merger with Diamond Bank, with its leadership in digital and mobile-led retail banking, could accelerate our strategy as a significant corporate and retail bank in Nigeria and a Pan-African financial services champion.
“Access Bank has a strong financial profile with attractive returns and a robust capital position with 20.1% CAR as at 30 September 2018.
“We believe that this platform, together with the two banks’ shared focus on innovation, financial inclusion, and sustainability, can bring benefits to Access Bank and Diamond Bank customers, staff and shareholders.”
According to both banks, Exotix Capital acted as international financial advisor to Diamond Bank, and Templars acted as Nigerian legal counsel.
The acquisition is expected to be completed by the first half of 2019.
Access Bank took acquired Intercontinental Bank in 2011/2012 to become one of the biggest banks in Nigeria.
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