12 November 2018 : Access Bank is reportedly in talks to acquire Diamond Bank as early as Q1’19. Analysts note that Diamond Bank has struggled with its non-performing loans and capital adequacy ratio—estimated at 16.3% as of September 2018, just above the regulatory threshold of 15%—and has also drawn attention over its liquidity health ahead of its Eurobond maturity in May 2019. Furthermore, the Chairman and three non-executive directors of Diamond Bank resigned a few weeks ago, with no further information provided by the lender. 

Media sources report that the Central Bank of Nigeria is on board with the acquisition given its unwillingness to intervene in a manner similar to Polaris Bank (Skye Bank). While Access Bank will be weary of Diamond Bank’s non-performing loan portfolio, the acquisition would propel Access Bank into the upper echelon of Nigerian banks. As at 30 September 2018, Diamond Bank’s total assets stood atN1.6 trillion while Access Bank had assets worthN4.6 trillion. 

Reporting for EasyKobo on Monday , 12 November 2018 in Lagos, Nigeria

Source: Vetiva Capital Management Limited