IkpuMmadu:


Two Igbo Businesses merge

Access is Wigwe's Bank
Diamond is Dozie's Bank

grayht:
Not interesting!
Looks like all those N500 design on Nairaland Graphics Section

bigtt76:
Yes O! In the case of Stanbic IBTC was slightly different. Stanbic bank is an external entity trying to make its way into the Nigerian market and would require a banking licence and all the wahala that goes with it. Instead of going through the stress, they bought IBTC. Now, banking licence are not transferable hence the need to include IBTC in its name and former IBTC bank filed for a change of name with CAC and CBN.

In the case of Access and Diamond Bank, being an acquisition, Diamond bank's licence would soon be retrieved by CBN. They were earlier on downgraded from International Bank status to National Bank.They stood the risk of being downgraded further to regional Bank status if not for the acquisition.

chibuzorAbia:


Igboman no dey like truth! See as the truth pain una enter bone. Diamond was a useless Igbo bank, kee ya self.

bigtt76:
Wigwe does not own Access bank

sacramento1212:


Not only Lekki phase 1 ooo, many banking environment where you have both Diamond and Access will be affected because it's normal for Banks to open up branches in banking localities.

So it will make no sense to keep 2 Access Bank in the same area because ALL Diamond Bank premises automatically turns Access Bank. So let the former Diamond Bank staffs prepare their minds for the unexpected so it doesn't come to them as a shock.

lonelydora:
They should keep deceiving themselves. It's not a merger, it's total acquisition. They just don't want to cause panic. Soon that diamond logo will disappear and it will be Access logo.

Whether good or bad, I have moved all my money to StanbicIBTC. I no wan hear say them shoot bird, him mama fly.

Uzoma Dozie, you see your life?

lonelydora:
They should keep deceiving themselves. It's not a merger, it's total acquisition. They just don't want to cause panic. Soon that diamond logo will disappear and it will be Access logo.

Whether good or bad, I have moved all my money to StanbicIBTC. I no wan hear say them shoot bird, him mama fly.

Uzoma Dozie, you see your life?

lonelydora:
They should keep deceiving themselves. It's not a merger, it's total acquisition. They just don't want to cause panic. Soon that diamond logo will disappear and it will be Access logo.

Whether good or bad, I have moved all my money to StanbicIBTC. I no wan hear say them shoot bird, him mama fly.

Uzoma Dozie, you see your life?

Kobicove:
Some people have made a killing from this event

oseiwe:

It started with afribank. This is their 3rd title.

RTSC:

Wigwe owns it along with aig-imoukuede from edo state.

It is jointly owned.

Brunel:
The rise and fall of Diamond Bank should be studied in business schools.
It had so much promises, so much potential....

Access bank be swallowing up other banks..... first Intercontinental, now Diamond!

martphreak:
I don't know the wrong I did to all these banks o...anyone I use they must merge....from oceanic to ecobank, skyebank to Polaris, Diamond now to access I think bank PHB to UBA...who did I offend....

Chekitaut:
If cares is not taking Access will be affected in short time. Mark my words. UBA experience same to acquire Standard trust Bank. Where is UBA today? A new identity or maintain full Access identity a better solution.

chuksanambra:
Another Igbo business collapses.

Tribalism, nepotism, greed are the reasons why Igbo-owned businesses don't survive the second generation.

Look at Diamond Bank, the founder gave the bank to an incompetent, unproductive, randy fellow to run just because he's his son. That one specialised in sleeping with married women in the bank.

Go and check the debtors list of Diamond Bank. You'll see that the present and previous management gave loans based on "my brother, my brother". Now, the bank is dead.

Don't worry, you'll soon hear them selling their assets to pay Access bank in the coming days. Access would collect every kobo from these titled debtors.

Run businesses like okrika shops at Idumota, why would they last? Put competent people in charge, mba. It is Okafor and Sons. Not minding if the son is a corporate cancer like Uzoma Dozie.

bigtt76:
Wigwe does not own Access bank

bigtt76:
Wigwe does not own Access bank

my2019mind:


But the Jews run family business structure and they are very successful at it, as a matter of fact, that is one of their key points of success. I am not supporting family structure business policy in its entirety but I know it has it's advantages. Though I must say giving loans to family members is a very bad idea, especially in this parts of the world.

By the way, Access Bank is also being run by an Igbo man.

grandstar:


They still claim it's a merger and not a takeover.

But why will Diamond need to merge when at a time it was a bank to reckon with. It's obviously in trouble and looking for a place to hide it's head

Venerable612:


They didn’t collapse. I don’t think it’s a bad idea to merge. Both banks leveraged on its strengths

Brunel:
Surely the bank is in distress. They first started with selling off foreign assets and claimed they were focusing on expanding local presence...... Here we are now......

Brunel:
Bro, the future of diamond bank is bleak. This is an acquisition not merger. If you followed the trail of happenings, you'd understand better.
Diamond bank should be competing with Access not 'merging' under normal circumstances.

chuksanambra:
Another Igbo business collapses.

Tribalism, nepotism, greed are the reasons why Igbo-owned businesses don't survive the second generation.

Look at Diamond Bank, the founder gave the bank to an incompetent, unproductive, randy fellow to run just because he's his son. That one specialised in sleeping with married women in the bank.

Go and check the debtors list of Diamond Bank. You'll see that the present and previous management gave loans based on "my brother, my brother". Now, the bank is dead.

Don't worry, you'll soon hear them selling their assets to pay Access bank in the coming days. Access would collect every kobo from these titled debtors.

Run businesses like okrika shops at Idumota, why would they last? Put competent people in charge, mba. It is Okafor and Sons. Not minding if the son is a corporate cancer like Uzoma Dozie.

RichBoy247:


StanbicIBTC is a South African bank. FG can sack all SOuth Africa corporations in Nigeria any time because of the nonsense these South African dogs are doing to other Africans. What happens to your money then?