Access Bank Plc has finally acquired Diamond Bank Plc.
The obtainment was accompanied by the CBN in a bid to further unify the banking industry, sources informed. Last week, Diamond Bank publicly made known its decision to drop its international operating licence to focus on national operations following capitalisation issues.
Uzoma Dozie, the bank’s Chief Executive Officer, stated the development in a statement released on Friday. Dozie had said: “With this approval, the bank will cease to operate as an international bank. “The re-licensing as a national bank supports Diamond Bank’s objective of narrowing its operations to focus financial resources on the significant opportunities in the Nigerian retail banking market, and the economy as a whole. This decisio accompanies Diamond Bank’s resolution to sell its international operations, which included the putting of its West African Subsidiary in 2017 and Diamond Bank UK, the sale of which is presently in its final stages.
The change to national bank status also enables the bank to attain a minimum capital requirement of 10 per cent, as against 15 per cent required for international banks.” The bank re