Nigerian lenders, Access Bank Plc and Diamond Bank Plc. have
denied talks over an acquisition deal.
The two commercial banks in a statement posted on the
Nigerian Stock Exchange on Monday, November 12, 2018, debunked plans by Access Bank to add Diamond Bank’s
assets to its portfolio by the first quarter of next year.
The Nation had earlier quoted sources that the two commercial
banks are in talks over a complete acquisition deal. The report also noted that
both financial institutions have reached an agreement in broad terms on the
acquisition.
Uzoma Uja, Diamond Bank's Secretary/Legal Adviser, said the Bank is not in
discussions with any financial institution at the moment on any form of merger
or acquisition.
“The attention of Diamond Bank Plc (“the Bank”) has been
drawn to the rumour in the media stating that the Bank is purportedly in
discussions with Access Bank Plc to acquire the Bank.
“We wish to state categorically that the Bank is not in
discussions with any financial institution at the moment on any form of merger
or acquisition. We trust that the above clarifies the position of the Bank with
regards to the rumour on the various media platforms.”
In the same vein, Access Bank also said it was not being
engaged in merger and acquisition talks with Diamond Bank.
Sunday Ekwochi, the Company Secretary, said, “We wish to notify the
Nigerian Stock Exchange and the general public that the bank has not entered
into any such discussions with Diamond Bank or any other institution.
“As a publicly quoted company built on best practice, the
bank is fully cognisant of its disclosure obligations in respect of any such
corporate action and will always discharge its obligations in the most
professional manner.
“Consequently, any statement regarding any such corporate
action that is not issued by the bank should be disregarded.”
The reports on Diamond Bank approaching investors came nearly
a month after Oluseyi Bickersteth, the bank's chairman and three non-executive
directors of Diamond Bank Plc resigned their positions.
This, analysts and banking sources, said is to pave way for
new capital injections for the new investors to have more feel about the
banking operations.
Diamond Bank had denied capital injection talks with new any
investors at the moment. The bank said it will notify the authorities when it
is taking in any capital injection.
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