Tuesday, September 28, 2021

    UPDATED: Nigeria’s Diamond Bank refutes Access Bank merger or acquisition talks

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    Godwin Okaforhttps://naija247news.com
    Godwin Okafor is a Financial Journalist, Internet Social Entrepreneur and Founder of Naija247news Media Limited. He has over 16 years experience in financial journalism. His experience cuts across traditional and digital media. He started his journalism career at Business Day, Nigeria and founded Naija247news Media in 2010. Godwin holds a Bachelors degree in Industrial Relations and Personnel Management from the Lagos State University, Ojo, Lagos. He is an alumni of Lagos Business School and a Fellow of the University of Pennsylvania (Wharton Seminar for Business Journalists). Over the years, he has won a number of journalism awards. Godwin is the chairman of Emmerich Resources Limited, the publisher of Naija247news.

    ABUJA – Nigeria’s Diamond Bank is not in merger or acquisition talks with any institution after saying it was aware of speculation that rival Access Bank plans to acquire it, the mid-tier lender said on Monday.
    Meanwhile Access Bank Plc and Diamond Bank Plc have this evening, both denied the media reports (not Proshare) earlier released today on purported talks on acquisition.

    The leeway provided them was offered by the news release published and given a wide circulation (not including this medium).

    We can discountenance the media release after the denials below but we cannot discountenance that Diamond Bank Pc is in a serious trouble.

    The bank asked The Carlyle Group for more funds before now, but Carlyle said NO and did in fact asked for their shares/position in Diamond Bank to be liquidated, apart from other demands and exercise of control over collaterals; which precipitated the reaction of the banks management to hit a panic button.

    Access Bank Plc is aware of this information and others and knows its limits/limitations as regards the deal. The CBN equally does and so do the SEC/NSE on this development.

    We will await further pronouncements but for now, we state clearly that we are willing to be challenged in court over our news post by any and all of these firms. We stand by our post and will push forward to inform the public about the statuis and role of ALL parties related thereto.

    The notification published below by the firms in a synchronised manner reflects a response to this:

    That said, we reiterate our position and stand by our post titled: Why Diamond Bank Opted For A CBN-Managed Acquisition By Access Bank Over The Carlyle Group published earlier today.

    Find below the releases issued by the aforementioned entities via NSE:

    Purported Talks For Access Bank Plc To Acquire Diamond Bank Plc

    The attention of Diamond Bank Plc (“the Bank”) has been drawn to the rumour in the media stating that the Bank is purportedly in discussions with Access Bank Plc to acquire the Bank.

    We wish to state categorically that the Bank is not in discussions with any financial institution at the moment on any form of merger or acquisition. We trust that the above clarifies the position of the Bank with regards to the rumour on the various media platforms.

    Recent Rumour On Business Combination With Diamond Bank Plc

    Our attention has been drawn to newspaper report on Access Bank Plc (“the bank”) being engaged in merger and acquisition talks with Diamond Bank Plc.

    We wish to notify the Nigerian Stock exchange and the general public that the bank has not entered into any such discussions with Diamond Bank or any other institution.

    As a publicly quoted company built on best practice, the bank is fully cognisant of its disclosure obligations in respect of any such corporate action and will always discharge its obligations in the most preferred manner.

    Consequently, any statement regarding any such corporate action that is not issued by the bank should be disregarded.

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