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Nairaland Forum / Nairaland / General / Business / BREAKING: IT’S OFFICIAL – Diamond, Access Banks Merge (30973 Views)
Dangote’s Bid To Merge Sugar, Salt, Rice Businesses Hits Brick Wall / See What Access Banks Sent To All Their Customers Last Night. / Diamond Access Beta Account Is A Fraud (2) (3) (4)
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Re: BREAKING: IT’S OFFICIAL – Diamond, Access Banks Merge by piagetskinner(m): 12:47pm On Dec 17, 2018 |
Access bank has finally accessed the diamond 2 Likes |
Re: BREAKING: IT’S OFFICIAL – Diamond, Access Banks Merge by noeloge82(m): 12:47pm On Dec 17, 2018 |
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 14 Likes |
Re: BREAKING: IT’S OFFICIAL – Diamond, Access Banks Merge by Hope15: 12:49pm On Dec 17, 2018 |
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? 3 Likes |
Re: BREAKING: IT’S OFFICIAL – Diamond, Access Banks Merge by nwadiuko1(m): 12:50pm On Dec 17, 2018 |
looks more like acquisition to me 1 Like |
Re: BREAKING: IT’S OFFICIAL – Diamond, Access Banks Merge by Awoo88: 12:50pm On Dec 17, 2018 |
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 4 Likes |
Re: BREAKING: IT’S OFFICIAL – Diamond, Access Banks Merge by blowjob: 12:51pm On Dec 17, 2018 |
DIAMOND IS DEAD.. ![]() ![]() ![]() ![]() ![]() ![]() ![]() ![]() GOD BLESS AND PROTECT BUHARI GOD BLESS AND PROTECT OSIBANJO GOD BLESS DIAMOND BANK GOD BLESS NIGERIA SAI BUHARI....MY LORD.. |
Re: BREAKING: IT’S OFFICIAL – Diamond, Access Banks Merge by Nobody: 12:51pm On Dec 17, 2018 |
Lolzzzzz Chaiiiiii 1 Like |
Re: BREAKING: IT’S OFFICIAL – Diamond, Access Banks Merge by pocohantas(f): 12:52pm On Dec 17, 2018 |
GavelSlam: 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. 13 Likes 2 Shares
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Re: BREAKING: IT’S OFFICIAL – Diamond, Access Banks Merge by Kharol1234: 12:53pm On Dec 17, 2018 |
tank God i don empty my acct na onli 50naira dae der wen dem settle matter finish i continue banking with em |
Re: BREAKING: IT’S OFFICIAL – Diamond, Access Banks Merge by Nobody: 12:56pm On Dec 17, 2018 |
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. 1 Like |
Re: BREAKING: IT’S OFFICIAL – Diamond, Access Banks Merge by Awoo88: 12:57pm On Dec 17, 2018 |
chloride6: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. 17 Likes 1 Share |
Re: BREAKING: IT’S OFFICIAL – Diamond, Access Banks Merge by GavelSlam: 12:59pm On Dec 17, 2018 |
pocohantas: ![]() Asset stripping more like. |
Re: BREAKING: IT’S OFFICIAL – Diamond, Access Banks Merge by 9gerian: 1:00pm On Dec 17, 2018 |
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: 1 Like |
Re: BREAKING: IT’S OFFICIAL – Diamond, Access Banks Merge by airsaylongcon: 1:03pm On Dec 17, 2018 |
sexiestharam: A hostile takeover sef 2 Likes |
Re: BREAKING: IT’S OFFICIAL – Diamond, Access Banks Merge by Nobody: 1:05pm On Dec 17, 2018 |
Awoo88: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. 4 Likes |
Re: BREAKING: IT’S OFFICIAL – Diamond, Access Banks Merge by 9gerian: 1:05pm On Dec 17, 2018 |
The merger narrative may be necessary to reassure and keep the public / customers from panicking. pocohantas: 5 Likes |
Re: BREAKING: IT’S OFFICIAL – Diamond, Access Banks Merge by Boss13: 1:15pm On Dec 17, 2018 |
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. 27 Likes 6 Shares |
Re: BREAKING: IT’S OFFICIAL – Diamond, Access Banks Merge by ajayiopy: 1:24pm On Dec 17, 2018 |
priceaction:SANUSI |
Re: BREAKING: IT’S OFFICIAL – Diamond, Access Banks Merge by Xzydar(m): 1:25pm On Dec 17, 2018 |
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 2 Likes |
Re: BREAKING: IT’S OFFICIAL – Diamond, Access Banks Merge by Nobody: 1:25pm On Dec 17, 2018 |
mynairaland2018: WEMA Bank too. 3 Likes 1 Share |
Re: BREAKING: IT’S OFFICIAL – Diamond, Access Banks Merge by Boss13: 1:27pm On Dec 17, 2018 |
thesicilian: 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. 3 Likes |
Re: BREAKING: IT’S OFFICIAL – Diamond, Access Banks Merge by Boss13: 1:29pm On Dec 17, 2018 |
GavelSlam: Asset stripping is what Diamond Bank did to it international branches. Selling off your asset for cash is Asset Stripping |
Re: BREAKING: IT’S OFFICIAL – Diamond, Access Banks Merge by Nobody: 1:32pm On Dec 17, 2018 |
Njeps:True. 1 Like 1 Share |
Re: BREAKING: IT’S OFFICIAL – Diamond, Access Banks Merge by Boss13: 1:35pm On Dec 17, 2018 |
airsaylongcon: 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. 6 Likes |
Re: BREAKING: IT’S OFFICIAL – Diamond, Access Banks Merge by Nobody: 1:37pm On Dec 17, 2018 |
Boss13: Thanks for the insight. I feel sad for the old man tbh. 5 Likes |
Re: BREAKING: IT’S OFFICIAL – Diamond, Access Banks Merge by Boss13: 1:41pm On Dec 17, 2018 |
priceaction: 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 3 Likes |
Re: BREAKING: IT’S OFFICIAL – Diamond, Access Banks Merge by UNPERTURBED: 1:42pm On Dec 17, 2018 |
I can sense some group of greedy individuals trying to have ACCESS
to DIAMOND 1 Like |
Re: BREAKING: IT’S OFFICIAL – Diamond, Access Banks Merge by jessedaflow: 1:42pm On Dec 17, 2018 |
I QUIT DIAMOND NW..GTB BANK HERE I COME. |
Re: BREAKING: IT’S OFFICIAL – Diamond, Access Banks Merge by Chitumu: 1:48pm On Dec 17, 2018 |
thesicilian:FINBANK merged with FCMB 1 Like |
Re: BREAKING: IT’S OFFICIAL – Diamond, Access Banks Merge by pocohantas(f): 1:50pm On Dec 17, 2018 |
9gerian: 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. |
Re: BREAKING: IT’S OFFICIAL – Diamond, Access Banks Merge by Nobody: 1:53pm On Dec 17, 2018 |
When Diamond started irrelevant deductions immediately Dozie took over,that I knew the bank wasn't its old self... 1 Like |
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