A lot has happened in the past couple of weeks at Diamond Bank and I am sure most people have heard about the Diamond Bank merger with Access Bank. I have been getting mixed messages from some customers that they are worried for Diamond Bank, so I decided to write this post about this recent development.
First things first, this is an exciting new beginning and there is no need to worry. Mergers happen often in the corporate world and they are done with a mutual decision. This decision is mostly made by “two equals”. The merger through structural and operational advantages, generally results in increased scale and profits for the new business entity and higher shareholder value for both groups.
A bit more on the two banks and their compatibility – Diamond Bank has pioneered Nigeria’s largest technology-led retail banking platform and Access Bank is one of Nigeria’s leading full-service commercial banks, so there is definitely a commercial fit here. Mergers, however, need more than commercial compatibility to work. There needs to be compatibility in culture and values too. And I can say without a doubt that Access Bank’s values are aligned with ours in so many ways. Access Bank is also committed towards financial inclusion, women empowerment, sustainability and innovation.
This proposed combination with Access Bank will create one of Africa’s leading financial institutions. I am excited about the future and all the new things we can achieve in the coming years. Looking forward to disruption through innovation and building a platform that will play an integral role in the inclusion and transformation of African lives.