Here is some news both small and large businesses in Nigeria looking for credit would like to hear. Nigeria is about to get a bigger lender (the biggest in the country) when Access Bank Plc and Diamond Bank merge their banking services.
The merger was slated to happen sometime in June 2019. However, the Central Bank of Nigeria (CBN) on Thursday, January 17, gave the ‘okay’ for the merger. Now the two banks are moving in a heist to merge their operations and have decided to push forward the merger date to sometime in April 2019.
During a conference on Thursday, Herbert Wigwe, the CEO at Access Bank lauded the green light from the CBN, saying the bank will now cancel the planned N75 million rights issues. Since the CBN no longer requires it as the minimum capital threshold.
Through this merger, the Access Bank’s assets will increase by at least N6.10 trillion ($16.9 billion). Effectively making Access Bank the biggest lender in Nigeria by asset, and taking that title away from Zenith Bank, which currently has assets worth at N5.5 trillion.
Access Bank shares on the rise
At the …read more