Diamond Bank Denies Talks About Merger, Acquisition

• Diamond Bank Denies Talks About Merger, Acquisition

Diamond Bank Plc has said it is not in talks with any financial institution about merger and acquisition.

The lender, in a statement filed with the Nigerian Stock Exchange on Monday, said its attention had been drawn to a rumor in the media that it was in discussions with Access Bank Plc.

The Company Secretary/Legal Adviser, Diamond Bank, Uzoma Uja, said, “We wish to state categorically that the bank is not in discussions with any financial institution at the moment on any form of merger or acquisition.

Access Bank also said in a statement that it was not being engaged in merger and acquisition talks with Diamond Bank.

Its Company Secretary, Sunday Ekwochi, said, “We wish to notify the Nigerian Stock Exchange and the general public that the bank has not entered into any such discussions with Diamond Bank or any other institution.

“As a publicly quoted company built on best practice, the bank is fully cognisant of its disclosure obligations in respect of any such corporate action and will always discharge its obligations in the most professional manner.

“Consequently, any statement regarding any such corporate action that is not issued by the bank should be disregarded.”

Last Friday, Diamond Bank said no investors had come forward to inject cash into it and that its board was reviewing all strategic options.

The bank’s comment came after it said last month that four of its directors, including its former Chairman, Oluseyi Bickersteth, had resigned, fuelling speculation that the lender was in talks with a new investor to recapitalise.

The lender, which has been managing its capital since 2016 to ensure it stays within the minimum regulatory ratio, said it would consider raising fresh funds after selling some assets to strengthen its balance sheet.