Merger: Access Bank lists 6.617bn shares

Access Bank Plc has listed 6. 617 billion ordinary shares of 50 Kobo each at the Nigerian Stock Exchange which resulting from the scheme of merger between Access and Diamond Bank. 

The NSE said that following the merger scheme of the two banks, the entire 23,160,388,968 ordinary shares of Diamond Bank Plc were delisted yesterday from the NSE Daily Official List.

With the listing of the additional 6,617,253,991 ordinary shares arising from the Scheme, the total issued and fully paid up shares of Access Bank Plc has increase from 28,927,971,631 ordinary shares to 35,545,225,622 ordinary shares of 50 Kobo each.

The NSE had in March 20 this year notified the stockbrokers of the suspension of trading in the shares of Diamond Bank Plc, following the Court Sanction of the Scheme of Merger (Scheme) between Access Bank Plc and Diamond Bank Plc.

 Access Bank Plc, over the weekend unveiled its new identity, in the aftermath of a business combination with Diamond Bank Plc, which takes off April 1, 2019.

The new identity displayed at the event is a combination of Access Bank’s colour and name with Diamond Bank’s traditional diamond shape logo in predominantly orange colours. 

Among dignitaries at the event were the Emir of Kano, Alhaji Mohammed Sanusi; Africa’s richest man, Aliko Dangote, Fola Adeola, founding chief executive of Guaranty Trust Bank and Aigboje Aig-Imoukhuede, the immediate past chief executive of Access Bank.

Sanusi recalled how Access Bank grew from a third tier bank in 2006, to becoming the country’s biggest retail bank, noting that the feat arose from the fact that the management team was “doing things no other bank was doing.”

In a speech at the occasion, Group Chief Executive of the bank, Herbert Wigwe, expressed appreciation to the 29,000 people (staff) “who have been working day-in, day-out to build the largest retail bank in Nigeria” that the emergent Access Bank has become.

He also appreciated Aig-Imoukhuede and Uzoma Dozie, CEO of Diamond Bank for his efforts at making the merger succeed despite the challenges.

Dozie on the other hand expressed the desire to build a platform that goes beyond banking, noting that his path crossed those of Aig-Imoukhuede and Herbert Wigwe over 25 years ago at GTBank where they were his bosses.

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