JUST IN: Access, Diamond Bank Merger finally gets CBN Approval

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“The final approval comes after we have converged the shareholders’ meeting and based on the receipt of the CBN approval in principle we are going to converge that shareholders meeting in February. When that meeting holds and shareholders endorse the transaction, all we need to do is take that approval of the shareholders to the court.



The merger process of Access and Diamond banks has reached the phase of approval in principles which needs the signatory of the Central Bank of Nigeria (CBN) to get to the final stage, the Executive Director, Access Bank, Mr. Victor Etuokwu, has said.

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Etuokwu, who stated this, yesterday, during a press briefing in Lagos, explained that after the signatory by the CBN for the approval in principles, the final approval will be made after the merged bank’s shareholders meeting slated to hold in February.



“So far, we have gotten approval up to approval in principles. There are three approvals we need in the process, the first one is the pre-legal approval and the next approval from the Central Bank is the approval in principles and the final approval comes after that.

“The final approval comes after we have converged the shareholders’ meeting and based on the receipt of the CBN approval in principle we are going to converge that shareholders meeting in February. When that meeting holds and shareholders endorse the transaction, all we need to do is take that approval of the shareholders to the court.

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“And when the court approves it, it becomes part of the law of the land and based on that we get the final approval from the central bank and from SEC. And all these things will happen in the next 60 days. So we are hoping the entire process will end at the end of this quarter,” he said.

Amidst speculation that there might be retrenchment of staff because of the merger of both Access and Diamond banks, he allayed the fear, saying there is no decision to disengage staff.

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He added that the services of every staff was needed to achieve consumer satisfaction.



He revealed the readiness of the merged bank to establish more branches across the world, saying that a branch will be established in Hong Kong before the first half of the year.

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