The Central Bank said it had no objection to the proposal from Access Bank, advising the commercial bank to proceed to obtain other necessary regulatory approvals for the merger. The letter was addressed to the Managing Director/CEO of Access Bank and signed by Director of Banking Supervision, Mr. Ahmad Abdullahi.
In quote, the letter said “We refer to your letter dated December 17, 2018 on the above subject (application for pre-merger) and write to inform you that the Central Bank of Nigeria has no objection to your proposed merger with the Diamond Bank Plc.
“Furthermore, you are required to obtain other necessary regulatory approvals for the merger.”
Also, the securities and exchange commission said it awaits a formal application from the banks on the merger. In quote SEC said they 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”. 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.
