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ACCESS TAKES OVER OWNERSHIP OF DIAMOND BANK

Posted by on December 16, 2018>



Access Bank has lastly acquired Diamond Bank, TheCable can report.

According to insiders, the official announcement of the transaction will most likely be made within the midst of the week by the Central Bank of Nigeria (CBN).

The acquisition was midwifed by the CBN in a bid to further consolidate the banking commerce, sources educated TheCable.

Last week, Diamond Bank launched its option to drop its worldwide working licence to cope with nationwide operations following capitalisation factors.

A Diamond Bank official who spoke to TheCable talked about there was no should panic, and all accounts with the monetary establishment stays in protected palms.

Uzoma Dozie, the monetary establishment’s chief govt officer, confirmed the occasion in an announcement launched on Friday.

“With this approval, the bank will cease to operate as an international bank,” Dozie had talked about.

“The re-licensing as a nationwide monetary establishment helps Diamond Bank’s aim of streamlining its operations to focus sources on the quite a few options inside the Nigerian retail banking market, and the monetary system as a whole.

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“The switch follows Diamond Bank’s selection to advertise its worldwide operations, which included the disposal of its West African Subsidiary in 2017 and Diamond Bank UK, the sale of which is in the intervening time in its final ranges.

“The change to national bank status also enables the bank to maintain a lower minimum capital requirement of 10 per cent, as against 15 per cent required for international banks.”

The monetary establishment recorded its worst month on file in November with share plunging to 0.61okay per unit on November 30, 2018.
Diamond Bank Q3 2018 report had confirmed that the monetary establishment was beneath some financial stress with income after tax falling from N3.9 billion in 2017 to N1.6 billion.

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This impacted the monetary establishment’s earnings per share, which moreover dropped sharply from N17 in 2017 to N7 in 2018.

As at Wednesday, the monetary establishment had a share value of 0.95 per unit, and a market cap of N22 billion.

-TheCable

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