Sunday, September 7, 2025
24.5 C
Lagos

Access Bank to Target Retail Business Post-Merger

The Access Bank Plc that will emerge after its proposed merger with Diamond Bank Plc will play strongly in the area of retail business in the financial services sector of the economy.

Mr. Victor Etuokwu, Executive Director at Access Bank Plc said: “We need to invest in retail market to drive economic growth, this is what the new bank will do, a strong corporate and strong retail bank.”

Meanwhile, the Central Bank of Nigeria (CBN) has granted Approval-in-Princip0le (AIP) to the proposed merger between Access Bank Plc and Diamond Bank Plc. The banks equally have received obtained similar approval from the Securities and Exchange Commission (SEC).

Etuokwu said the banks are waiting for final approval before convening a meeting of shareholders to formally ratify the merger.

He said: “So far, we have gotten approvals up to Approval-in-Principle. There are three approvals that we need for this process. The first one is the pre-order approval which is like the first approval, the next is the approval-in-principle. The final approval comes after approval-in-principle and it will come after you have convened your shareholders’ meeting.”

He added that both banks would convene such meeting of shareholders in February for approval before being taken to court. He was upbeat that all the merger processes would be completed in the next 60 days.

spot_img
spot_img

Hot this week

Nigeria, Brazil Central Banks Deepen Economic, Financial Co-operation

Nigeria’s Central Bank Governor, Olayemi Cardoso, has held talks...

Ecobank Nigeria to Host Second Edition of Design & Build, Showcasing Premier Innovators in Design, Construction

Ecobank Nigeria, a subsidiary of the leading pan-African banking...

Expert: Fintech, Financial Inclusion Critical for Sustainable Growth of Nigerian Economy

A renowned economist, Dr. Biodun Adedipe, the Chief Consultant/CEO,...

Sterling Bank Marks One Year of Africa’s Groundbreaking Core Banking System

Number one Best Workplace in Banking in Nigeria and...

Topics

Seplat Takes Immediate Steps to Counter Interim Court Orders Against its Officers

  Seplat Energy says it was already aware of moves...

Enron: The Fall of A Wall Street Darling

Enron is a company that reached dramatic heights, only to face a dizzying collapse. The story ends with the bankruptcy of one of America's largest corporations. Enron's collapse affected the lives of thousands of employees, many pension funds and shook Wall Street to its very core. To this day, many wonder how a company so big and so powerful disappeared almost overnight. How did it manage to fool the regulators and the Wall Street community for so long, with fake off-the-books corporations?

NNPC Retail Debunks ‘Lubricants-for-Petrol’ Claims

The attention of NNPC Retail Limited has been drawn...

Post –COVID-19: Ecobank Nigeria Holds Virtual Graduation Ceremony for Trainees

  57 trainees, who represent batch seven set of graduates...

How COVID-19 Pandemic Contributes to Protein Deficiency, Malnutrition

The COVID-19 pandemic has effectively worsened the problem of...

Nigeria Tops WA Hotel Projects with 77%

West Africa has been at the heart of the...

Stanbic IBTC, LBS Partnership Trains 3,500 Entrepreneurs

As part of its commitment to help stimulate and...
spot_img

Related Articles

Popular Categories

spot_imgspot_img