Why Did Access Bank Acquired Diamond Bank?

Why Did Access Bank Acquired Diamond Bank?
December 16
22:12 2018

How Much Did Access Bank Bought Diamond Bank? the news of Access Bank buying off the international bank Diamond is

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currently making a huge wave on the internet. the news came in on Sunday 16th Of December 2018,

According to Uzoma Dozie, Diamond bank’s chief executive officer, who confirmed the development in a statement released on Friday, said;

“With this approval, the bank will cease to operate as an international bank,” Dozie had said.

“The re-licensing as a national bank supports Diamond Bank’s objective of streamlining its operations to focus resources on the significant opportunities in the Nigerian retail banking market, and the economy as a whole.

“The move follows Diamond Bank’s decision to sell its international operations, which included the disposal of its West African Subsidiary in 2017 and Diamond Bank UK, the sale of which is currently in its final stages.

“The change to national bank status also enables the bank to maintain a lower minimum capital requirement of 10 per cent, as against 15 per cent required for international banks.”

Reports of Access Bank acquiring Diamond Bank is coming, after Diamond bank recorded its worst month on record in November with share plunging to 0.61k per unit on November 30, 2018.

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David Chris

David Chris

David Chris is writer and a staff at Ngyab.com. He is also an internet guru who who loves reading and making new friends

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