Access bank has finally accessed the diamond

More jobs losses looming
May not be funny but access bank does not retain staffs from other bank except if there are exceptional cases on the staffs concerned.
This was d case during intercontinental bank acquisition and don't confuse anyone this is not merger but acquisition the debenture holders if diamond bank will be paid off.
Any smart Diamond Bank staff should start networking for another job or start ups
Good luck

Isn't this outright acquisition? Why are they hammering on the "Merger" term. So that they won't be accused of running the once celebrated brand aground?

looks more like acquisition to me

Na Pascal Dozie take style see diamond bank before the him son ruin the place finish. The old man take diamond bank borrow money take invest for another business. That him son must be efulefu. Wise decision by the old man. Hope they will not be job lost because my friends in diamond need the job

DIAMOND IS DEAD.. ..BAD MANAGEMENT.. ..NIGERIA THIN.. I WISH THE ODEZIES HAPPY XMAS AND A PLAIN WELL NEW YEAR..



GOD BLESS AND PROTECT BUHARI


GOD BLESS AND PROTECT OSIBANJO


GOD BLESS DIAMOND BANK



GOD BLESS NIGERIA


SAI BUHARI....MY LORD..

Lolzzzzz



Chaiiiiii

GavelSlam:


The façade is merger but the interior has acquisition written all over it.

Lol, person buy all your issued shared capital, crash their prices, dey price am like buns, delete your name, retain their own name...

Na im you come dey emphasize on merger.

tank God i don empty my acct na onli 50naira dae der wen dem settle matter finish i continue banking with em

What happens to my account with Diamond Bank? I don't want to have anything to do with Access bank, if this is the case I'm closing that account.

chloride6:
No court ordered meeting?

Something is not adding up....

Will access bank remain access bank? In that case its an acquisition not a merger.

STB acquired. UBA but the name UBA was retained. In the case of diamond bank, Pascal sold it off before his son ran him into the ground. That his son is a typical entitled silver spoon kid who thinks he deserve the job because it is his birth right. Such stupid sons usually have the support of one key family member. Usually the mum who will be bothering the dad on how the son is of age.

pocohantas:


Lol, person buy all your issued shared capital, crash their prices, they price am like buns, delete your name, retain their own name...

Na im you come dey emphasize on merger.

Asset stripping more like.

Yeah, I did notice @bolded anomaly at the time.

I guess there’s a forced convergence between businesses and politics these days. Same applies even to the developed economies (Google in the US) etc so it is no longer perculair to Nigeria.

Dangote et al have mastered the thin line. Others need to learn same as they get to the pinnacle.

Goodluck to Diamond Access Merger! Everyone deserves a life-line!

priceaction:
Well, their palava sha. Only in Nigeria will you see a bank owing another bank huge money and eventually acquire the one being owned. If no be for wickedness of sanusi , intercontinental bank would have being one of the top 3 banks in Nigeria now. There are ways to deal with error bank MDS and directors without injuring the bank and the depositors money. Hope the merger or acquisition will help boost access bank effectiveness sha and will absorb diamond bank staffs.

sexiestharam:
Diamond bank always trying to sugarcoat the truth. How is this a merger? This is a complete takeover-an acquisition. All these corporations won't stop amazing me. Why do they think Nigerians are unintelligent and do not understand financial terms?
Anyway, defunct Diamond bank staff should get ready. Access bank is known to sack most of the staff of their acquired banks. Intercontinental bank comes to mind. They should brace up.

A hostile takeover sef

Awoo88:

STB acquired. UBA but the name UBA was retained. In the case of diamond bank, Pascal sold it of before his son ran him into the ground. That his son is a typical entitled silver spoon kid who thinks he deserve the job because it is his birth right. Such stupid sons usually have the support of one key family member. Usually the mum who will be bothering the dad on how the son is of age.

You can't blame mothers na. Most times it's these kids dt totori them to be moving their fathers hands.
Mothers are easily manipulated by their children, ecspecially by their first sons. Dey can do anything for those ones.

The merger narrative may be necessary to reassure and keep the public / customers from panicking.

pocohantas:


Lol, person buy all your issued shared capital, crash their prices, dey price am like buns, delete your name, retain their own name...

Na im you come dey emphasize on merger.

For those saying why use the word Merger rather than Acquisition, you are right. It’s a brutal acquisition. However, to calm tensions, I believe Merger was used to avert tension. In fact, the word Business Combination should have been used.

The rumor of the acquisition having be on for a while and both Banks issued a press release denying it. I think Access Bank acquired the shares of the Dozies’ Who are the major shareholders in the company. This was done as a result of the Dozies’ inability to repay back a loan taken to buy out a major foreign investor - ACTIS. Rumor had it that the buyout scheme was financed by GTbank and Pascal Dozie’s MTN shares was the collateral. How Access Bank got into the picture is the vague part, but Access Bank bought the debt from GTbank after there were signs that the loan won’t be repaid.

As a result of the economic downturn and Naira devaluation, the value of the MTN shares were not sufficient enough to cover the loan and there was a Margin Call. Access Bank negotiated for shares in Diamond Bank (the stock held by Pascal Dozie). Hence, it is typical that since the major shareholder of the Bank has relinquish his shares to another Entity, there should be a restructuring. Hence, the brokering between CBN, Access Bank and Diamond Bank to ratify the deal. The deal was ratified on the basis of the Business Combination experience of Access Bank management team, the in-house fighting in Diamond Bank which has resulted to the Chairman of the board as well as two other directors to resign, the poor management leadership of the CEO, Uzoma Dozie, the incessant of the Carlyle Group - another foreign investor in Diamond Bank, that Uzoma should leave and they too are pulling out their investment, due to poor share price of Diamond Bank.

Infact, rumor had it that the former CEO of Diamond Bank, Alex Otti, engineered to take over the Bank prior to his gubernatorial election in Abia State. He made a too good to turn down proposal, using an anonymous financial brokering team, to the initial foreign investor, ACTIS. However, Pascal Dozie had the first right of refusal to buy the shares of ACTIS in the event they intend to sell. The offer price from the Alex Otti team was a tough one and ACTIS will only accept such price from Pascal. Hence Pascal Dozie had to go borrow the money on tough terms to save his Bank. Rumor had it that the Alex Otti brokering team were very confident that they would secure the deal and were surprised to find out the Pascal Dozie found the money - however, this was the beginning of the death of Diamond Bank.

Uzoma Dozie was installed as CEO despite his naivety and unserious attitude. He was charged to rescue the Bank, but there was only one outcome - FAILURE. Uzoma was never ready to become CEO and he exemplified such actions by making strategic decisions that would only get the Bank into further trouble.

Anyways there is still more to the story and acquisition and my ears are on the ground. My concerns now is those who would be affected by the bad business decisions of their management. Staff would lose jobs and families may never recover. I think this would greatly affect Pascal Dozie in all ramifications.

priceaction:
Well, their palava sha. Only in Nigeria will you see a bank owing another bank huge money and eventually acquire the one being owned. If no be for wickedness of sanusi , intercontinental bank would have being one of the top 3 banks in Nigeria now. There are ways to deal with error bank MDS and directors without injuring the bank and the depositors money. Hope the merger or acquisition will help boost access bank effectiveness sha and will absorb diamond bank staffs.

SANUSI

Chai... Why is Diamond Bank falling my hand like this?



This has been by Bank for years now and I really love their services



Soo sad to see them go down...


The HIGHEST transaction going on in Diamond bank now would be WITHDRAWAL & CLOSING OF ACCOUNT

mynairaland2018:
It's an acquisition jare. And someone kept arguing yesterday.

Rest In Peace Diamond Bank. Help us greet all the other dead Nigerian banks. They should be in the hundreds now. But First Bank tried, it has witnessed many births and deaths.

WEMA Bank too.

thesicilian:
Access Bank keeps swallowing distressed bank's like a shark. From Marina Bank to Capital Bank, Omnifinance Bank, Bancor SA, Finbank, BPC, to Intercontinental Bank.

Respect to their seasoned management professionals.

Yup - They are Cow Boys. The only experienced financial institutions management team to successfully undertake series of acquisitions. It was not by accident, they went for rigorous training on Acquisition.

GavelSlam:




Asset stripping more like.

Asset stripping is what Diamond Bank did to it international branches. Selling off your asset for cash is Asset Stripping

Njeps:



WEMA Bank too.

True.

airsaylongcon:


A hostile takeover sef

It wasn’t hostile. It was discussed extensively with the major shareholders of Diamond Bank and agreed by all parties including the CBN that Access Bank was the right entity to take over the Bank. Regardless of the acquisition of the shares, without CBN backing, it won’t be successful.

Hostile takeovers are not usually successful because the Board can engineer takeover defense and thereby discredit the acquisition. The only successful hostile takeover I can remember in Nigerian Financial Institution is the takeover engineered by Aig Imoukuede and Herbert Wigwe during the management takeover of the infant Access Bank. This happened in the early 00’s. This is to let you know how purposeful those guys are and they are still acquiring. There was even a point in time they intended to acquire Union Bank, but it was not ratified by CBN. This was prior to the Intercontinental Bank Acquisition. The Union bank acquisition deal had been brokered but did not get CBN buy-in/agreement.

Boss13:
For those saying why use the word Merger rather than Acquisition, you are right. It’s a brutal acquisition. However, to calm tensions, I believe Merger was used to avert tension. In fact, the word Business Combination should have been used.

The rumor of the acquisition having be on for a while and both Banks issued a press release denying it. I think Access Bank acquired the shares of the Dozies’ Who are the major shareholders in the company. This was done as a result of the Dozies’ inability to repay back a loan taken to buy out a major foreign investor - ACTIS. Rumor had it that the buyout scheme was financed by GTbank and Pascal Dozie’s MTN shares was the collateral. How Access Bank got into the picture is the vague part, but Access Bank bought the debt from GTbank after there were signs that the loan won’t be repaid.

As a result of the economic downturn and Naira devaluation, the value of the MTN shares were not sufficient enough to cover the loan and there was a Margin Call. Access Bank negotiated for shares in Diamond Bank (the stock held by Pascal Dozie). Hence, it is typical that since the major shareholder of the Bank has relinquish his shares to another Entity, there should be a restructuring. Hence, the brokering between CBN, Access Bank and Diamond Bank to ratify the deal. The deal was ratified on the basis of the Business Combination experience of Access Bank management team, the in-house fighting in Diamond Bank which has resulted to the Chairman of the board as well as two other directors to resign, the poor management leadership of the CEO, Uzoma Dozie, the incessant of the Carlyle Group - another foreign investor in Diamond Bank, that Uzoma should leave and they too are pulling out their investment, due to poor share price of Diamond Bank.

Infact, rumor had it that the former CEO of Diamond Bank, Alex Otti, engineered to take over the Bank prior to his gubernatorial election in Abia State. He made a too good to turn down proposal, using an anonymous financial brokering team, to the initial foreign investor, ACTIS. However, Pascal Dozie had the first right of refusal to buy the shares of ACTIS in the event they intend to sell. The offer price from the Alex Otti team was a tough one and ACTIS will only accept such price from Pascal. Hence Pascal Dozie had to go borrow the money on tough terms to save his Bank. Rumor had it that the Alex Otti brokering team were very confident that they would secure the deal and were surprised to find out the Pascal Dozie found the money - however, this was the beginning of the death of Diamond Bank.

Uzoma Dozie was installed as CEO despite his naivety and unserious attitude. He was charged to rescue the Bank, but there was only one outcome - FAILURE. Uzoma was never ready to become CEO and he exemplified such actions by making strategic decisions that would only get the Bank into further trouble.

Anyways there is still more to the story and acquisition and my ears are on the ground. My concerns now is those who would be affected by the bad business decisions of their management. Staff would lose jobs and families may never recover. I think this would greatly affect Pascal Dozie in all ramifications.

Thanks for the insight. I feel sad for the old man tbh.

priceaction:
Well, their palava sha. Only in Nigeria will you see a bank owing another bank huge money and eventually acquire the one being owned. If no be for wickedness of sanusi , intercontinental bank would have being one of the top 3 banks in Nigeria now. There are ways to deal with error bank MDS and directors without injuring the bank and the depositors money. Hope the merger or acquisition will help boost access bank effectiveness sha and will absorb diamond bank staffs.

Chief - I understand where you are coming from, but I can assure you that the acquisition of Intercontinental Bank was the best thing to happen to that bank and Nigeria financial environment. The management team of Intercontinental Bank was one of the most selfish Management team I have witnessed in Business management. They ran that Bank to the ground and only provided opportunity to be acquired.

If you look at all Bank failures in Nigeria, one thing is common - Poor and Selfish Management decisions. Do your research properly.

If you also look at successful Nigerian Banks, you will identify one thing - strong management commitment and good corporate governance. I can tell you in honesty, that there are only 4 strong Nigerian Banks - UBA, Zenith, GTbank and Access Bank. Don’t take my word for it, go and look at the share price of these Banks

I can sense some group of greedy individuals trying to have ACCESS to DIAMOND

I QUIT DIAMOND NW..GTB BANK HERE I COME.

thesicilian:
Access Bank keeps swallowing distressed bank's like a shark. From Marina Bank to Capital Bank, Omnifinance Bank, Bancor SA, Finbank, BPC, to Intercontinental Bank.

Respect to their seasoned management professionals.

FINBANK merged with FCMB

9gerian:
The merger narrative may be necessary to reassure and keep the public / customers from panicking.

True talk, you know reputational risk is one banks try very hard to avoid. Gives way for all others to follow, but in this situation, Diamond can't help it. There will be panic withdrawals and transfers.

When Diamond started irrelevant deductions immediately Dozie took over,that I knew the bank wasn't its old self...