Access Bank and Diamond Bank Plc have obtained approval in principle from the Central Bank of Nigeria and the Securities and Exchange Commission on their proposed merger plans.
Access Bank Executive Director, Personal Banking, Victor Etuokwu, confirmed in Lagos that CBN and SEC had granted both banks approval in principle for the merger process.
Etuokwu said that the banks were awaiting the final approval which would be granted after convening shareholders meeting.
He said that the banks would convene shareholders meetings in February, noting that the approval would be taken to court once approved by the shareholders and all the processes including final approval would be completed in the next 60 days.
He also said that the new bank would remain committed to retail and corporate banking to drive financial inclusion for desired growth and development.
On staff retrenchment, Etuokwu said that members of staff would be retrained for different roles in case of overlapping.
Wigwe however maintained that no staff of Diamond bank will be retrenched
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