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04 Jan 2019, Gergana Bencheva, EMIS Editor

Merger of two Nigerian banks to create largest sector player in Africa

Nigeria-based banking groups Access Bank and Diamond Bank are expected to merge in order to create the largest sector player in Nigeria and Africa in terms of number of customers, Nigerian Communications Week reported referring to data provided by the two lenders.

Access valued Diamond Bank at about NGN 72.5 billion and Diamond Bank shareholders will get NGN 3.13 per share in cash and shares.

The new entity is expected to be present on three continents and 12 countries and have about 29 million customers. Also, it is estimated to run a network of some 3,100 ATMs and nearly 32,000 PoS terminals, according to monthly Global Finance.

The merger between Access and Diamond is due to be completed in the first half of 2019. The deal is still pending shareholder and regulatory approval, Nigerian Communications Week noted.

Sign in and read the full article in emis.com, and find out more about EMIS. Original source: Nigerian Communications Week