Breaking: Access bank buys Diamond bank

Access Bank Plc has purchased Diamond Bank Plc thecable is reporting.

According to the reports by thecable, the official announcement of the transaction will be made by the CBN this week.

Recall that Last week, Diamond Bank announced its decision to drop its international operating licence and focus on national operations due to capitalisation issues.

The CEO of the bank, Uzoma Dozie, had confirmed the development in a statement released on Friday.
Where she said that daimond bank will  cease to operate as an international bank if the approval is made.

“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.”

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