Diamond Bank Plc shares have been placed on full suspension by the Nigerian Stock Exchange (NSE), with effect from today, March 20th, 2019.
According to the Nigerian Stock Exchange, the suspension of Diamond Bank’s shares follows a court sanction of the Scheme of Merger between the bank and Access Bank Plc.
More reasons for the suspension- The suspension, according to The Exchange, is required to prevent trading in the shares of the Diamond Bank in order to determine the Bank’s shareholders who will qualify to receive the Scheme consideration.
Diamond Bank obtained the court sanction of the Scheme on Tuesday, 19 March 2019, being the effective date for the scheme.
As we reported earlier, the merger process was near its concluding stage last week, after the Central Bank of Nigeria (CBN) and the Securities and Exchange Commission (SEC) both granted the banks final approval to merge.
The shareholders of the banks earlier approved the merger between the lenders, after a series of Extra Ordinary General Meetings that held in Lagos.
Both banks are poised to offer the best banking experience in Africa
When the highly anticipated merger eventually takes effect by the end of Q1 2019, Diamond Bank Plc and Access Bank Plc would have successfully combined efforts to bring the power of banking to millions of account holders across Nigeria and beyond. Much emphasis will be on the need for speedy and secured service delivery. Also, the partnership will ensure that customers of both banks continue to experience the best banking experience, with zero disruptions to normal banking services.
Diamond Bank also noted that although there may be some changes in the future, any such changes will be duly communicated to the customers ahead of time.
Diamond Bank Plc and Access Bank Plc unanimously announced late last year, that they plan to combine resources in order to create the biggest retail bank in Sub-Saharan Africa.
Following the announcement, the banks proceeded to secure the necessary regulatory approvals and are currently waiting for the due date in order to make the deal official.