Aluko & Oyebode is delighted to have advised Access Bank Plc (“Access Bank“) on its historic merger with Diamond Bank Plc (“Diamond Bank“).
The transaction was executed in furtherance of the implementation, by Access Bank, of its 2018 5-year corporate strategic plan with the vision of becoming Africa’s gateway to the world and the world’s most respected African bank. The merger was completed upon the sanctioning of the merger by the Federal High Court on 19th March 2019 following the approval of the merger by the Securities and Exchange Commission and the Central Bank of Nigeria. The enlarged Access Bank will be a leading tier 1 Nigerian bank and the largest bank in Africa by total assets as well as number of customers, spanning 12 countries and three continents.
In consequence of the merger, the enlarged Access Bank will achieve exponential expansion in its retail banking franchise through the integration of Diamond Bank’s unparalleled retail banking expertise and strong digital offering.
The transaction will assist in deepening the Nigerian financial market and accelerating the financial inclusion agenda that both banks vigorously pursued prior to the merger. It is expected that the merger will propel Access Bank to the position of leading retail bank in Nigeria and Africa.
Aluko & Oyebode previously advised Access Bank on its landmark acquisition and subsequent merger with Intercontinental Bank Plc in 2012 as well as on its very first merger with Capital Bank International Plc and Marina International Bank Limited in 2005.
