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JUST IN: Access Bank acquires Diamond Bank.

Access Bank, a Nigerian multinational commercial bank, owned by Access Bank Group, has acquired Diamond Bank, TheCable report confirms.

The official announcement of the transaction will be made in the course of the week by the Central Bank of Nigeria (CBN), insiders told TheCable.

According to the report, the acquisition was midwifed by the CBN in a bid to further consolidate the banking industry.

The development is coming a week after Diamond Bank announced its decision to drop its international operating licence to focus on national operations following capitalisation issues.

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