Shareholders of Access Bank Plc and Diamond Bank Plc on Tuesday unanimously approved the merger of both financial institutions aimed at creating a formidable force.
The shareholders gave the approval at an Extraordinary General Meetings (EGMs) of both banks held in Lagos.
Herbert Wigwe, Access Bank Chief Executive Officer, told the shareholders at the EGM that the merger with Diamond Bank enables Access Bank to acquire a bank with 17 million retail customers and the most viable mobile payment platform.
Wigwe said that the expected revenue and cost synergies were material and promises significant long term value.
Wigwe said the bank, after the merger, would attract more opportunities such as trade finance from international partners.
He said the merger was expected to produce the largest banking group in Africa based on its number of customers with more than 29 million customers.