Access Bank says no plan to buy Diamond Bank

Access Bank on Monday denied having an agreement to take over assets of Diamond Bank Nigeria.

A national daily reported that Access Bank was set to add “Diamond Bank’s portfolio to its assets in the next few months”.

But Access Bank said it was not in any discussion with Diamond Bank or any other institution.

“Our attention has been drawn to a newspaper report, relating to Access Bank Plc being engaged in merger and acquisition talks with Diamond Bank Plc,” Access Bank’s company secretary Sunday Ekwochi said in a statement.

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

The earlier report said both financial institutions have reached an agreement in broad terms on the acquisition. What is left is the valuation of assets, with a view to determining the level of compensation and systems’ integration.

“As a public quoted company built on best practice, the bank is fully cognizant of its disclosure obligation in respect of any such corporate action and will always discharge its obligation in the most professional manner,” Ekwochi said.