Lucid1:
I wish some states could merge

states like bornu and lagos abi?

kamez:
I ve been a customer of diamond bank since 2008. I have a savings, current and fixed deposit account with them..


hope my money is safe especially my fixed deposit... cos my mind is telling me to move every single dime into another bank

welcome to first bank, we would love to do business with you

Diamond bank account holders oya begin to port to first bank. Download the first mobile app and open a normal savings account immediately.

This people know how to play on peoples ignorance,is it merger or acquisition ? Let the management explain in details .The commercial grammar they're blowing is confusing to the public

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.

What about those who have Diamond bank savings account. Will there be a need for them to update their bank details again with Access Bank.?

What happens to the Diamond mobile banking app used by Diamond Bank Customers. Will they be told to go and download Access Bank mobile banking app.?



Pls Enlighten Everyone.

feezy:
So finally Futo wud av a new bank

It's only diamond bank that is in futo?

Chitumu:
FINBANK merged with FCMB

Talking about Finbank in Burundi. Though they later left.

Tundexxy:
Imagine the complexity of grammar..

"The proposed merger would involve Access Bank acquiring the entire issued share capital of Diamond Bank in exchange for a combination of cash and shares in Access Bank via a Scheme of Merger"

Acquisition is acquisition abeg

This is pure acquisition.
Dem no wan just admit am.

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.

Which Finbank? the one inside FCMB?

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.

Bros Finbank was acquired by FCMB not AccessBank

KingCassy:


It's only diamond bank that is in futo?

There used to be Finbank(FCMB) at the back of socs building, but the closed shop since

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.

I was enjoying your comment until you spoilt with your rant about Sanusi. Sanusi has done a lot of good to the Nigerian banking industry. One of them was ensuring that Intercontinental was rescued from Akingbola. Had he not acted proactively, there would have been many suicides by the depositors of the bank who would have lost their life savings.

Sanusi should be praised, not castigated.

Wema Bank here I come.

Chitumu:
FINBANK merged with FCMB

Rexology:

Which Finbank? the one inside FCMB?

Kfed4ril:


Bros Finbank was acquired by FCMB not AccessBank

Do a deeper research: Access Bank once acquired Finbank in Burundi.

I hope workers won't be sacked.

more job cuts loading... .. if you know you know

Meanwhile this is what Thisday has to say in its report.
https://twitter.com/THISDAYLIVE/status/1074557889610690560?s=19

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.

Thank you! This is not a merger in any way

yomalex:
What happens to persons on Diamond Bank Salary4Life ?

They will have to get a new life.

It's as simple as that.

yomalex:
What happens to persons on Diamond Bank Salary4Life ?

Salary4Life koooo, Salary4Eternity niiii

yomalex:
What happens to persons on Diamond Bank Salary4Life ?

Very simple
Village people don pour sand for your garri.

StOla:
If a diamond could not withstand the test of time, it certainly was a fake diamond that deceived those who expected it would be infallible.

Even the Skye bank failed.
Like a Diamond in the Skye.

feezy:
So finally Futo wud av a new bank

Better pray that that branch should not be closed up

all this plenty grammar is just to say diamond bank will now be access bank by first quarter next year.

mechanics:
I hope workers won't be sacked.

Believe me, I'm worried about their staffs too.
In this hardship where & how are they going to bounced back. It's gonna be tough & rough for them.
May the Lord be there strength.

I remember a guy that crossed from Access bank to Diamond bank some years back, I wonder what will be his fate now

First it was keystone, now diamond bank in 1 year. i hail access bank

So we that have account number with access and the Diamond bank nko how we go do now

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.

Sure u were pondering what I was pondering; merger or acquisition? Obviously, it's complete acquisition....

Boss13:


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

Please kindly reply the person who earlier asked about the fate of those who have accounts with Diamond bank. Thank you.

GavelSlam:
Acquisition.

Merger

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.

the funny thing is, their staff denied it two weeks ago when I asked them. It's sad I won't be using diamond bank again. Access bank