The management of Access Bank Plc, on Monday, April 1, 2019, visited the Nigerian Stock Exchange (NSE), to commemorate the listing of its additional 6,617,253,991 units, in the aftermath of its combination with Diamond Bank for what is Nigeria’s biggest bank by customer base, among others.
The new shares, the exchange said in a statement were listed sequel to approval granted by its National Council on Friday March 29, 2019, following the bank’s merger with Diamond bank Plc.
In a notice via Market Bulletin of 20 March 2019, with Reference Number: NSE/LARD/LRD/MB19/19/03/20, the NSE had announced the suspension of trading in the shares of Diamond Bank Plc, due to the Court Sanction of the Scheme of Merger (Scheme) between both banks.
The 6,617,253,991 ordinary shares of Access Bank Plc were listed, “while the entire 23,160,388,968 ordinary shares of Diamond Bank Plc were delisted from the Daily Official List of The Exchange today Monday, 1 April 2019.”
The additional shares arising from the Scheme, increases the total issued and fully paid up shares of Access Bank Plc from 28,927,971,631 ordinary shares to 35,545,225,622 ordinary shares of 50 Kobo each.
Addressing the capital market community shortly before sounding the commemorative market closing gong of the NSE, Oscar Onyema, chief executive of the NSE, said besides the merger, the visit was also to mark Access Bank’s corporate green bond, the first climate friendly instrument in Africa, an initiative introduced by the NSE some years ago.
Speaking at the occasion, Herbert Wigwe, Group Chief Executive of Access Bank said the business combination with Diamond Bank has produced a large diversified bank, built on the synergies of two great giants. Diamond Bank, he noted, is the fastest growing bank brand that is digitally led and having strong SME background, while Access brings to the table its formidable wholesale brand with strong global footprints that creates an institution that is a formidable competitor.
He noted that the fusion of both institutions’ 625 branches seamlessly across the country, assurance shareholders that the combination will bring about improved returns on their investment.
On the green bond, Wigwe said there is no better time to be sustainability conscious than now, given the new size and customer base of Access Bank, besides the fact that being the first on the continent to issue the bond, it opens the way for others.
Fielding questions later, the Access Bank explained that the fusion has become necessary at this time, given the need for Africa to have a large bank that can support inter-Africa trade.
“In the next five years, we hope to be Africa’s super payment gateway, ensuring that payments across the continent happen seamless,” he stressed.
Photo Caption: Group Managing Director/Chief Executive, Access Bank Plc, Herbert Wigwe (third right) sounding the closing gong in commemoration of the successful merger with Diamond Bank Plc and Listing of the N15b Corporate Green Bond on the Nigerian Stock Exchange (NSE) on Monday, April 1, 2019. He is flanked by the Chief Financial Officer, Access Bank Plc, Seyi Kumapayi (left); Non- Executive Director of the bank, Dr. Mrs. Ajoritsedere Awosika (second left); Chief Executive Officer, The Nigerian Stock Exchange (NSE), Oscar N. Onyema, (third left); Group Deputy Managing Director, Executive Director, Access Bank Plc, Roosevelt Ogbonna (second right); and Executive Director, Personal Banking Division, Victor Etuokwu (right).
