Business News
SEC Awaits Formal Application For Diamond, Access Banks’ Merger
The Securities and Exchange Commission (SEC) said even though it is aware of the proposed merger of Diamond and Access banks, but it is yet to receive any formal application for the crystallization of the intention.
SEC declared this in a statement amidst confusion whether it was merger or acquisition that is going on between the two banks.
The full text of the statement reads: The Securities and Exchange Commission (SEC)is aware of the intention of Access Bank and Diamind Bank to go into a merger.
Access bank and Diamond Bank have both notified the Commission and the general public. It is a notice to merge, they have not merged yet. SEC is awaiting their application on the matter.
“The SEC received on Monday, Dec 17 2018, notice of intention by Diamond Bank & Access Bank to merge. The Commission is currently waiting for their formal Application”.
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