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Nigerian regulators approve merger of Access Bank, Diamond Bank

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Nigerian regulators approve merger of Access Bank, Diamond Bank

Nigeria's central bank and the Securities and Exchange Commission approved the planned merger of local lenders Access Bank PLC and Diamond Bank PLC.

The deal, which has already received shareholders approval, is still subject to judicial sanction by Nigeria's Federal High Court.

The tie-up is expected to create an entity with total assets of roughly 6.110 trillion naira, the largest in the country, according to S&P Global Market Intelligence data.

As of March 15, US$1 was equivalent to 359.49 Nigerian naira.