Access Bank plc, commonly known as Access Bank, is a Nigerian multinational commercial bank, owned by Access Bank Group. It is licensed by the Central Bank of Nigeria & it is Africa’s Largest Bank By Customer Base.
Access Bank Plc., parent company of Access Bank Ghana which is one of the leading retail banks in Ghana, has become the largest bank in Africa by customers when it completes its merger and integration processes with Diamond Bank in Nigeria.
The newly merged entity will together have an overwhelming customer base of more than 40 million users – the largest in Nigeria, which is Africa’s largest market and on the African continent.
The deal was approved on March 5, 2019 when shareholders of Access Bank Plc and Diamond Bank endorsed the merger scheme at the Extraordinary General Meeting (EGM) held separately by both banks. Shareholders of both entities have given the regulators April 2019 for the merger completion.
The business combination between Access Bank Plc & Diamond Bank began in December 2018 when it sealed its intention to acquire Diamond Bank through a Memorandum of Agreement (MOA). The bank emerged as the preferred bidder after a competitive process undertaken by the Board of Diamond Bank.
The merger would involve Access Bank acquiring the entire issued share capital of Diamond Bank in exchange for a combination of cash and shares in Access Bank Plc via a Scheme of Merger. By means of the merger, the bank is expected to increase their market reach, customer convenience and accelerate financial.
The merger of both Access Bank Plc & Diamond Bank on 1 April 2019 has made Access Bank the largest bank in Africa. In conclusion of its merger with Diamond Bank, unveiled its new logo, signalling the commencement of a new enlarged banking entity.
The bank is now Africa’s largest bank by customer base, with over 40 million users at over 600 branches in 12 countries. They have all acquired Diamond Bank. Intercontinental Bank in Nigeria & Transnational Bank in Kenya.