Access Bank PLC expects its earnings to increase by 2021 as a result of its acquisition of Diamond Bank PLC, Bloomberg News reported Dec. 20, citing Access Bank CEO Herbert Wigwe.
The Nigerian bank also intends to raise $207 million in a rights issue in 2019 to increase its lending capability, the CEO added.
The Access executive also stated that Diamond's sale of its U.K. operations will continue, the newswire noted.
The Access-Diamond merger will create a combined entity with total assets of nearly 6.110 trillion naira, making it the largest lender in Nigeria.
As of Dec. 18, US$1 was equivalent to 364.60 Nigerian naira.