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Access Bank, Diamond Bank merger would create largest lender in Nigeria

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Access Bank, Diamond Bank merger would create largest lender in Nigeria

The tie-up between Nigerian lenders Diamond Bank PLC and Access Bank PLC will create a combined entity with total assets of roughly 6.110 trillion naira, the largest in the country, according to S&P Global Market Intelligence data.

Diamond Bank PLC confirmed Dec. 17 that it has reached an agreement to merge with Access Bank PLC. The announcement came after both banks in November denied media reports they were in merger talks with each other or in such talks with any other financial institution.

Upon completion of the deal, expected to take place in the first half of 2019, Diamond Bank will be absorbed into Access Bank and will cease to exist.

As of Sept. 30, Diamond Bank and Access Bank had total assets of 1.555 trillion naira and 4.555 trillion naira, respectively.

READ: Tie-up could create Kenya's 3rd-largest bank by assets

SNL Image

SNL Image

See a section dedicated to financial highlights for your bank: Search for the company in the top search box and go to the "Financial Highlights" section, housed under the Templated Financials on the left-hand panel. Here is an example for Access Bank PLC.

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As of Dec. 19, US$1 was equivalent to 363.65 Nigerian naira.