Following reports of
merger by the boards of Diamond and Access banks, the Securities and
Exchange Commission (SEC) has said that both banks are yet to formally
merge.
The nation’s apex Capital
Market regulator explained that the process is not yet completed, even
as it awaits their application on the matter.
The SEC in a statement
said: “Access bank and Diamond Bank have both notified the Commission
and the general public. It is a notice to merge, they have not merged
yet. SEC is awaiting their application on the matter.
“The SEC received on
Monday, Dec 17 2018, notice of intention by Diamond Bank & Access
Bank to merge. The Commission is currently waiting for their formal
Application”.
The completion of the merger is subject to certain shareholder and
regulatory approvals expected to be completed in first half of 2019.
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