In a notice sent to the Nigerian Stock Exchange (NSE) today, Access Bank Plc disclosed it had received the court sanction of its merger with Diamond Bank. The two lenders have thus become one entity.
Prior to this: The banks had earlier this week, announced they had received final regulatory approval from the Securities and Exchange Commission (SEC) and Central Bank of Nigeria (CBN).
The two banks formally began the merger process with an announcement in December last year.
Pending issues: While the banks are now one, a few pending issues remain. A qualification date for the share and cash payments to Diamond Bank has not been announced.
Based on this agreement by the boards of the two financial institutions, Diamond Bank shareholders will receive N3.13 per share.
This will comprise a cash consideration of N1.00 per Diamond Bank share representing a total cash amount of N23.16 billion or $75.58 million.
The allotment of 6.62 billion new Access Bank ordinary shares, representing the 2 new Access Bank ordinary shares for every 7 Diamond Bank shares.
In addition, there has been no word, on if there will be a change of name or logo for the enlarged entity.
Access Bank closed at N5.95 in today’s trading session, up 1.71%. Diamond Bank closed at N2.42 today, down 1.63%.