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Nigerian court sanctions merger of Access Bank, Diamond Bank

The proposed merger of Nigerian lenders Access Bank PLC and Diamond Bank PLC came into effect March 19, after the deal received court sanction the same day.

Diamond Bank said March 20 that its shares had been suspended from trading with immediate effect and that no further trading will take place. The merger 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.

As of March 19, US$1 was equivalent to 361.88 Nigerian naira.